How To Choose An Amarillo Home Insurance Company

While life is full of surprises, the last thing you want is to be unprepared. When unwelcomed "surprises" do occur, ensure that your home and belongings are properly insured with a comprehensive policy from a reputable Amarillo Home Insurance Company.

A standard policy insures your home and the belongings you keep in it. It also provides liability coverage in case you are sued. The key to a good policy is to make sure you have adequate coverage in case a disaster occurs.

Most policies offered by an Amarillo Home Insurance Company cover 12 basic named threats, which include aircraft/vehicle damage, explosion, fire, hail, lightning, riots, smoke, theft, wind, vandalism and volcanic eruption. If you think that pretty much covers everything, think again. Most policies typically have eight exclusions as well, including condemnation, earthquakes, floods and/or water damage, intentional loss, neglect, nuclear hazard, power failure and even war. For those reasons, you may want to consider more than your run-of-the-mill policy from an Amarillo Home Insurance Company.

While Amarillo is not prone to earthquakes, for example, it is subject to floods in low-lying areas and areas around playa lake beds. Since most policies do not cover floods and water damage, you should consider a special policy for adequate protection in the event of a water disaster.

Taking it a step further, an Amarillo Home Insurance Company will be able to properly guide you through a policy that’s best suited not only for your home, but the neighborhood you live in as well. Do you live in an area prone to flooding, storms, burglary or vandalism? Your Amarillo Home Insurance Company will know the answers to these questions and more.

Even so, shop around for the right plan because, ultimately, no one knows your needs better than you. Get several quotes, but keep in mind that the lowest price is not necessarily equivalent to the best policy. Compare each policy and ask your friends, neighbors and business associates which Amarillo Home Insurance Company they would recommend.

Once you choose an Amarillo Home Insurance Company, what type of policy should you choose? Do you go for the basic policy or choose one of the other six types of policies outlined by the Insurance Services Offices (ISO)? Here’s a basic rundown of those policies to help you make an informed decision:

Broad Form Homeowner Policy

More advanced than the basic Amarillo Home Insurance Company policy, the Broad Form Homeowner policy provides coverage on an additional five listed perils, or a list of events, that would be covered. These include windstorm, lightning, or hail, and fire or explosion events.

Special Form Homeowner Policy

This is the most comprehensive form used for single-family homes. The policy provides "all risk" coverage on the home with some perils excluded, such as earthquake and flood. Contents are covered on a named peril basis so be sure to read and understand this policy thoroughly, as with any.

Renter's Insurance

As its name implies, the "Tenants" form is for renters and it covers personal property against the same perils as the contents portion of the Broad Form and Special Form homeowners policies.

Premier Homeowner Policy

The Premier policy covers the same perils as the Special Form Homeowner Policy and more. For example, the home's contents are covered on an open peril basis, meaning that as long as the cause of loss is not specifically excluded in the policy, it will be covered for that specific cause.

Condominium Policy

This policy is specifically for condominium owners.

Older Houses

Also called the "Modified Coverage" form, this policy is for the owner-occupied older home whose replacement cost far exceeds the property's market value.

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Additionally, there are typically five classifications of coverage for each policy, which are based on standard ISO or American Association of Insurance Services forms. These classifications include property coverage for the dwelling itself, other structures personal property, loss of use/additional living expenses and additional coverages and exclusions.

Now that you know the basics, how much insurance do you really need to purchase from your Amarillo Home Insurance Company? Of course, mortgage lenders require borrowers to purchase a minimum amount of home insurance – usually equal to the appraised value or the purchase price of the home. Often times, though, this is not the amount of coverage you may actually need.

Take into consideration how much it would cost to rebuild your home when determining how much insurance coverage you should purchase. Plus, when you apply for a policy, your Amarillo Home Insurance Company will help you establish the replacement cost by asking for detailed information about the construction and contents of your new home.

It is also important to know when to use your Amarillo Home Insurance Company. Making too many claims could result in your premium being raised or your insurer dropping you from the policy all together. So, for example, if you can afford to pay for a $1,000 repair rather than going to your insurance company, it may be in your best interest to do so.

A final thought in working with your Amarillo Home Insurance Company … When purchasing a policy that is right for you, remember that "you get what you pay for" – meaning higher deductibles equal lower premiums. It also means an added risk. Your deductible is the amount you pay for covered damage before the insurance pays out. Ask your Amarillo Home Insurance Company to quote a range of deductibles so you can truly see how much you would save – or even spend – over the lifetime of your policy.