How to Purchase Homeowners' Insurance

Homeowners' insurance is a necessity, something every property should have. If you have a mortgage, your lender will require coverage -- and if your home is mortgage-free than you should have coverage anyway to protect what is likely your most valuable asset.

Nothnagle Insurance Agency can make shopping for a policy easier, faster and more convenient...and may even result in a savings for you! The Nothnagle Insurance Agency has an experienced representative on-site ready to work for you. To receive your complimentary quote or review, simply call 756-7320.

Some questions to consider when speaking with the insurance rep:

• What type of coverage do they recommend for your needs?

• What is included -- and what is excluded?

• Are there discounts for safety measures in place in the home (e.g. security system; carbon monoxide and/or smoke detectors, etc.)

• Do you have a home-based business? If yes, you may require additional coverage specific to the type of business you operate. In this case, think in terms of clients dropping by, business equipment, inventory, etc.

• Do you have antiques and jewelry? What coverage are you getting? What coverage do you need?

• How much personal liability protection will the policy provide? What is the cost of additional coverage? What about an "umbrella" policy?

• If you have a loss, will coverage be for actual cash value or replacement cost? Have the insurance representative explain the difference.

• What is the policy deductible? (Generally lower deductibles mean higher premiums, higher deductibles result in lower premiums.)

• How will the policy be paid? If your lender maintains an escrow account, the insurance policy will be paid by the lender -- remember, the house is security for the lender's mortgage. If you pay for property taxes and insurance directly, you will pay the bill.

• Is your home an historic property? If yes, what special coverages are required?
• When a policy says it covers "personal property" what does that term mean? What does it include and exclude?

• How can you reduce policy costs? For instance, if you buy auto and home insurance from the same source will your combined expenses decline?

• What home improvements can you make that would result in lower premiums?

• How are claims handled if you have a loss? For your protection, it's a good idea to photograph or video your home and special possessions -- and then keep such photography in a safe deposit box.