Property Insurance

Buying a home is a great time to re-assess your insurances for both home and auto.  Typically, these two insurance categories are bundled or grouped together, as the insurance industry profits very little from just home coverage.  Bundling offers you a better price structure on both coverages, and establishes a single point of contact for your insurance needs.  I’ll suggest the relationship you have with your insurance broker or representative is most important, as he will be the one championing your case in the event of a claim.  That representative should also be evaluating your insurance coverage and rates annually, to make certain your needs are met and you are getting the best value.

Each home comes with a unique history of claims and potential risk to an insurance company.  We can evaluate these historical claims by obtaining a CLUE or Comprehensive Loss Underwriting Exchange report, which is much like a CARFAX report that you may be familiar with.   The CLUE report provides evidence of past claims and inquiries against a property, and is a good reflection of its history.   Insurance underwriters use may use this report in establishing your property insurance rate.

We recommend checking with your existing insurance representative, as well as an insurance broker to evaluate your insurance needs based on your current affairs and the new property.   By using a broker, many different carriers can be considered for the best fit.  Hopefully your representative(s) can educate you on the options, the risks, and the costs of each approach.  Be sure you understand the different terms and coverages; eg. replacement cost vs. cash value.   In the end, you’ll want to be comfortable with knowing that your prized possessions are covered and can be repaired/replaced, and that your liability exposure is  minimized.