July 02, 2024 Homeowner
Veterans: 10 things to consider before buying home insurance
Buying home insurance is daunting — It doesn’t have to be
Buying home insurance is a critical step for any homeowner, especially veterans who may have unique needs and circumstances. Here are ten essential things veterans should consider before they buy home insurance.
Assess Your Coverage Needs
Before you buy home insurance, it’s important to understand what kind of coverage you need. Evaluate the value of your home and its contents, considering factors like rebuilding costs, personal belongings and any special items that might need additional coverage. This initial assessment helps ensure you get a policy that covers all your bases.
Understand VA Benefits
Veterans should explore any home insurance benefits available through the Department of Veterans Affairs (VA). While the VA doesn’t provide home insurance, they do offer resources and recommendations that can help veterans find insurers who offer perks or special coverage tailored to their needs.
Compare “apples to apples” when it comes to quotes
To get the best deal, veterans should obtain quotes from several insurance providers. Comparing quotes allows you to see the range of options available and choose a policy that offers the best coverage at the most affordable price. This step is important to ensure you don’t overpay for your home insurance.
“Remember: a deal that fails to meet your needs is not a deal; it’s a steal (not the good kind).”
But make sure the quotes you compare are equivalent. That super attractive cheap quote could come with less coverage, more exclusions or both. You don’t want to find out you have inadequate coverage after your home is damaged (leaving you on the hook for the repair costs). Remember: a deal that fails to meet your needs is not a deal; it’s a steal (not the good kind).
Evaluate the insurer’s reputation
Not all insurance companies are created equal. Before you buy home insurance, research the reputation of potential insurers. Look for companies with strong financial stability, positive customer reviews, and a good track record of handling claims efficiently. A reputable insurer can make a significant difference in your overall satisfaction and peace of mind.
Check for veteran perks
Many insurance companies offer perks specifically for veterans. These perks can even help reduce your premium costs. When you’re ready to buy home insurance, ask potential insurers about any available veteran perks and ensure these are factored into your quotes.
Consider bundling policies
If you have other insurance needs, such as auto or life insurance, consider bundling these policies with the same provider. Many insurers offer discounts for bundling, which can lower your overall insurance costs. Bundling also simplifies the management of your policies, with one point of contact for multiple types of coverage.
Understand policy exclusions
Every home insurance policy has exclusions—specific situations or items that are not covered. Before you buy home insurance, carefully read through the policy exclusions to ensure there are no surprises when you need to file a claim. Understanding what is not covered is as important as knowing what is.
Consider additional coverage options
Standard home insurance policies may not cover everything you need. Veterans should consider additional coverage options such as flood insurance, earthquake insurance, or riders for high-value items. Tailoring your policy with these options can provide comprehensive protection.
Understand the claims process
A smooth claims process is crucial in the event of a loss. Before you buy home insurance, familiarize yourself with how to file a claim and what documentation is needed. Knowing the steps in advance can save time and stress when you need to make a claim.
Reassess your coverage annually
Once you have purchased home insurance, it’s essential to reassess your coverage needs annually. Life changes, such as renovations or acquiring valuable items, can affect your coverage requirements. Regularly reviewing your policy ensures it remains aligned with your current needs.
By taking these steps, veteran homeowners like you can make informed decisions when they buy home insurance, ensuring they get the right coverage at the best price. These precautions help protect your home and provide peace of mind, knowing you’re well-prepared for any unforeseen events.
Armed Forces Insurance: home insurance for veterans from people you can trust
Armed Forces Insurance has been a trusted advisor to American armed forces service members and veterans for more than 135 years. We’re not a giant corporate skyscraper full of slick insurance executives. We’re a small company headquartered just down the road from Fort Leavenworth in Kansas. We know each other, and our customers know us. If you’re looking for someone you can trust to shoot you straight and help you protect your home and property, check out our homeowner insurance page.
Learn more:
Veterans home insurance: straight talk
Boss-level home insurance hacks
Take your home insurance buying process to the next level with these bonus hacks.
1. Review your home’s characteristics
Inspect some characteristics of your home that could affect insurance premiums. Factors like your home’s age, its location, construction materials and safety features like smoke alarms and security systems can impact insurance rates. Make a note of these details before you buy home insurance to ensure accurate quoting.
2. Check your credit score
Your credit score can influence the premiums you pay for home insurance. Before you buy home insurance, check your credit report for any inaccuracies and take steps to improve your score if necessary. A higher credit score may lead to lower insurance premiums, saving you money in the long run.
3. Understand different types of coverage
Home insurance policies offer various types of coverage, including dwelling coverage, personal property coverage, liability protection, and additional living expenses coverage. Before you buy home insurance, familiarize yourself with these different types of coverage and determine which ones are essential for your situation. Adjusting these coverages can affect your premiums significantly.
4. Assess deductibles
The deductible is the amount you pay out of pocket before your insurance coverage kicks in. Before you buy home insurance, evaluate different deductible options and consider how much you can afford to pay in the event of a claim. Opting for a higher deductible may lower your premiums, but ensure it is within your financial means.
Remember, buying home insurance is a critical decision for veteran homeowners to safeguard their investments. With preparation, you can make informed choices before you buy home insurance. Taking these steps will not only help you find the right coverage at the best price, but also provide peace of mind from knowing your home is protected against unforeseen events.