Old Bay Insurance Agency Blog
Shopping for your home insurance policy is not as easy as 1-2-3, but not as hard as advanced algebra. You must first determine what type of coverage suits your home and the amount of each component needed to ensure full coverage. For starters, here are the ways on how you can choose the right home insurance type you need.
Determine the Replacement Cost and Personal Property Value
No matter what policy type you choose for home insurance, it always comes with hazard insurance coverage - covers your home, stuff, relocation, and temporary living costs if your home is uninhabitable. Here are the coverages for each of these components:
Know the Liability and Medical Payments Coverage
As liability coverage has a limit suggested by your insurer, determining this factor is less time-consuming. You can get a lower liability limit if your house is only for yourself, and you don't have any other expenses and investments to deal with.
Meanwhile, your medical coverage must be sufficient enough to cover guests' hospital bills if someone got injured in your home. Medical payments coverage typically costs from $1,000 to $5,000.
Figure Out What Other Coverages You Need
This tip is necessary if your home is susceptible to calamities, like floods and earthquakes, as the standard home insurance policy does not cover these types of perils. However, you can get these coverages through add-ons or floaters, whichever may be convenient for you. You might also need the water back up coverage in case of bad plumbing or any sewage backup.
Before you shop, make sure you are familiar with the basics of home insurance. Whether you are shopping for home insurance for the first time or merely swapping out a policy for a new one, seeking insurance coverage that suits your needs and does not cost you a lot of money is recommendable.
At Old Bay Insurance Agency, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (410) 777-5390 or Click Here to request a free quote.