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For a homeowner, understanding what to look at when choosing and customizing a policy is vital to getting proper coverage. This month, we’re looking at educational topics in a four-part series designed to help you get the best policy possible.
To start off, we’ll look at how to compare and contrast homeowners insurance quotes based not just on cost, but on the important coverages you need for security and peace of mind.
A standard homeowners insurance policy is written on what is known as the HO3 form. This is a typical insurance policy that covers your home and personal property against damage caused by storms, losses from burglaries, and so on.
The premiums for these policies are made up of many different rating factors, much of which are built around your home: year of construction, construction type, location, and other characteristics such as wind mitigation devices or fire/burglar alarms.
In addition, your premium will include some factors based upon you, the homeowner. These are comprised of many factors inclusive of losses at your current or previous addresses and insurance scoring.
Not all policies are created equal, however. When you go to purchase a policy, you may simply be shown the lowest priced quotes that a comparative rater delivers back when your information is entered by the agent. By asking about specific coverages, you can identify the policy that is best suited to your needs.
By comparing coverage and not just cost, you can get a real idea of what the true value of each policy is. Ask your agent about HO3 coverage for the following areas, which can vary widely from carrier to carrier:
For other areas to compare and contrast between policies, you can use the Olympus coverage checklist.
Next week, we’ll look at typical homeowners insurance coverage amounts and limits.
This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.