Posted on: January 5th, 2015 by The Accel Group | No Comments

Protecting your home also means protecting the loved ones who live within it.  Our homes are sometimes the biggest investments made throughout our lives.  It’s extremely important to have adequate insurance coverage on your most important asset.  Because this coverage is so important, it’s important to get the best coverage for your home.

Whether you’re a first-time homeowner, renting an apartment or home, or just covering an extra vacation property, The Accel Group in Eastern Iowa wants to help you determine the best homeowners insurance coverage.  Below, The Accel Group offers five tips to consider when buying or reevaluation homeowners insurance.


Understanding Replacement Cost

Before looking into policies, it’s important to determine a replacement cost for your home.  The cost of replacing your home is different than the market value or resale price of the home.  Replacement cost is the amount of money it would cost to repair or rebuild the home in case of loss.  Replacement cost does not consider the purchase price of the home or any outstanding mortgage owed on the house.

In today’s housing market, it’s impossible to determine an exact cost of replacement.  However, having a general idea will help when purchasing the correct amount of coverage.

The Accel Group agent can help guide you through the process if you are unsure of your home’s replacement cost.  Our agents recommend purchasing an amount of coverage equal to the estimated cost to replace. Determining your home’s estimated replacement cost is important as it will ultimately determine which policy options are available to you.


Research Companies

The lowest priced insurance may seem like the best deal at time of purchase.  However, if a home is not covered fully in the case of a loss, homeowners could experience extreme financial burden.  Researching many different insurance companies and coverage options will allow you to make the best decision regarding home insurance.

Purchasing homeowners insurance through a company that you trust to respond in a timely manner and provide excellent customer service is very important.  The Accel Group agents work with dozens of home insurance companies to help you identify the best company and the exact amount of home insurance coverage you will need to fix or replace your assets at the best rates.


Look Beyond Basic Home Insurance Policies

Basic, low priced insurance coverage may seem like the best deal at time of purchase.  However, a basic homeowners insurance policy may not promise to entirely replace your home.  If a home is not covered fully in the case of a loss, homeowners could experience extreme financial burden.  Work with an agent to take you through the fine print of a policy to ensure you are getting the correct coverage at the right price.


Keep your policy updated

Each time you remodel or improve your home it adds value, and you should reevaluate your homeowners insurance coverage accordingly.  To ensure your home is 100% covered at all times, it is important to review improvements and coverage annually.


Save Money and Bundle Insurance

Finding a company that offers great coverage for all types of insurance, can help you save money.  Working with one company for all of your insurance needs is a great time and money saving option.

For more information about homeowners insurance or any other type of insurance, contact The Accel Group in Eastern Iowa.