Factors that are taken into consideration when considering which homeowners insurance policy to buy include the actual features of your home, such as the square footage, the type of foundation, extra design features or construction features which will cost to repair, roofing and exterior features (think masonry brick or stone, vinyl, cement, stucco, or veneer siding), your home’s framing, and how the garage is constructed. How old your house is and its condition, along with the current cost of building materials will also be assessed to arrive at the amount for which your home should be insured.
Keep in mind that Basic homeowners insurance policies cover fire, theft, and vandalism and possibly coverage of the after effects of these events, such as temporary housing or money to cover expenses. In Louisiana, you need to ensure that your homeowners insurance policy covers wind and hail / major storm damage, or you need to get a
secondary policy which covers these events. If you live in a flood zone, you will also need to get a flood insurance policy.
When speaking to your insurance agent, you will want to watch out for those agents who seem to be only in “selling mode” and aren’t trying to find out everything they can about you and your property in order to make sure you have the coverage you need but are not “over-insured” with unnecessary programs that just add to the policy they quote you.
Another good rule of thumb is to get several quotes on your insurance. This can be a time-consuming process, but by shopping around, you will learn a lot about what coverage is available, and hopefully get the best rate possible. Because we have worked with many different lenders and banks, The Kelly Waltemath Group can also give you advice on different companies to call to get started with your homeowners insurance.
