Why should you work with an independent insurance agency to find the best home insurance for your Green Bay area home? Because your home is a very valuable asset that needs to be protected from loss, be it fire, theft, or the other risks you face as a homeowner. Home insurance helps you fix, repair or replace the loss you experience as a homeowner.
In your lifetime, no asset will be as valuable to you (and your family) as your home. Your home is of significant value to you as, according to Zillow.com, it has a median home value of $147,000, which is 5.4% higher than in 2018.
When Looking to Get the Best Home Insurance for Your Home, Consider the Following:
- Do you qualify for insurance?
- Does the policy provide you with the right coverage?
- Does the policy meet your budget?
- Does the insurance company have your best interest at heart?
Qualifying for the Best Home Insurance
Having a home should automatically qualify you for home insurance. There are some factors that could, however, disqualify you from home insurance. Some of these factors include:
- A prior criminal record (particularly for acts of dishonesty or fraud);
- The presence of a hazard;
- Operating a home business
- Living in an area deemed dangerous
Having a disqualifying factor, by the underwriting standards of one insurance company, does not necessarily preclude you from qualifying with another. This is one of the benefits of working with an independent insurance agency.
Determining What Coverage You’re Purchasing
Insurance is an agreement (contract) between two parties, you and the insurance company. Under the contract, you agree to pay a small sum, typically monthly, and in exchange, the insurance company agrees to pay a larger sum for a loss you may incur while covered. Since it’s a legal document, it contains legal language, including that which constitutes the basic coverage provided in Coverage A–F. It is best to work with an insurance agent who will take the time to explain the legalese in the contract and help you understand the coverage you are buying for your home.
How is the Contract Priced?
The pricing of your home insurance policy varies from company to company. Where you live, how much your home is worth and the risks that are common to your area are all important factors for an insurer to consider. One factor, your protection class, is very important for the insurance to consider when setting the premium rate for your best home insurance coverage. A conversation with your independent insurance agent about the different pricing criteria the proposed insurance company uses helps you make a smart selection as a consumer.
Choosing the Right Insurance Company
You need to understand that not all insurance companies are the same, even though they may issue the same types of policies. Company A may require little of you in terms of documentation upfront but make you provide more information at the time of claim. Company B may be more thorough in its application process before issuing the insurance. The difference between these two may be of great importance to you as Company A (“underwriting at claim”) may have a lower rating than Company B (“underwriting at policy issue”). Using information from rating services like A.M. Best can help you determine which company (A or B) is a better fit for you, based on their financial strength and claims-paying ability.
Using Pagel & Associates Insurance Agency for Home Insurance
Pagel & Associates Insurance Agency is an independent insurance agency doing business in the greater Green Bay area. We maintain relationships with financially strong and fiscally responsible insurance companies, which brings you a multitude of choices when searching for the best home insurance option. Pagel & Associates and its team of professional insurance agents are available to provide you with an objective review of your home insurance needs and match them with the best insurance provider. Contact us for a review of your home insurance options.