Finding the Right Homeowners Insurance

Finding the Right Homeowners Insurance

Homeowners insurance protects your investment. Fires, earthquakes, falling roofs or trees, strong winds, all can create damage. There is also the possibility of someone getting injured on your property, leaving you responsible for all the insured’s medical expenses and exposed to litigation. You end up with expenses that puts undue financial stress on you.

Finding good homeowners insurance has to be a priority for every property owner. According to Marshall & Swift Boeckh, over half of the country’s homeowners have the wrong type of insurance or they are underinsured. That means the majority of homeowners are at risk when they would need protection the most.

Find the Best Homeowner Insurers

There are so many options in homeowners insurance and finding the one that’s right for you requires due diligence. Search the Internet and you will be bombarded with websites. Recommendations from a trusted colleague, friend or family will certainly help, but, at the end of the day, you need to know the criteria yourself.

Eligibility

Focus your search on providers that have more lenient criteria, offering insurance to as many homeowners as possible. Note that national carriers are better equipped to manage claims if there’s a disaster. Many have rolling claim centers and will bring in resources — generators, satellite connections — that you may not be able to get from regional companies.

Look at the Insurer’s Rankings

Being able to successfully file a claim means partnering with a company that can pay out. Once you’ve narrowed your list, look for companies that have high FSRs (Financial Strength Ratings) rankings with the likes of A.M. Best, Moody’s and Standard & Poor’s.

“Open Perils” Policies

Policies should always be customized, providing levels of protection that suit individualized needs. Named Perils cover only specific risks outlined in the policy. Open Perils are comprehensive policies covering a broader range of situations. Whether you prefer the probably more affordable structured policy, go with a company that offers Open Perils. Only the best companies do.

The team at Reviews.com spent weeks researching 99 homeowners insurance providers by speaking with insurance experts, evaluating their customer support services, analyzing their financial strengths and coverage options, along with comparing and contrasting policy types. After all of their research, they came up with a list of the best potential homeowners insurance providers.

They are:

  • Amica

  • Allstate

  • State Farm

  • Travelers

  • MetLife

While you are not obligated to partner with any of these companies, it’s advised you find a comparable company that offers similar products and services to ensure you get the best homeowners insurance.

To better understand the most important aspects of homeowners insurance and the misconceptions that remain, check out their full guide and review here: http://www.reviews.com/homeowners-insurance/

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