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Every homeowner knows they need to purchase a good homeowners insurance policy to protect their investment. For most individuals, finding the right policy for your needs can be difficult. While you consider your coverage needs, you also need to find an agent you trust to manage your policy throughout the year. The team at Arlene Lear Insurance with locations in Bolivar and Humansville, MO, want to help homeowners understand the process. They answer a few common questions about homeowners coverage.

4 Common Questions About Homeowners Insurance

1. Is Homeowners Insurance Required by Law?

Though the law does not require that you purchase a homeowners policy, your mortgage company may include it as a condition of the loan. Keep in mind that even though it is not required by law, it is highly recommended as you may find yourself in a financially tight spot in an emergency such as a break-in or fire.

2. How Are Premiums Determined?

Homeonwers InsuranceThe monthly cost of your insurance will vary depending on the items you keep in your home and the value of the structure. This means if you own a house with a higher property value, you’ll likely need to pay a higher premium for coverage. However, some home improvement projects may help lower your premium costs if they create a less risky environment. Speak to your insurance agent for more information on the projects that will earn you discounts from your provider.

3. How Much Coverage Do I Need?

The last thing you want it to be underinsured. When deciding on how much coverage your policy should provide, think about the items inside your home, the cost to rebuild if something should destroy the structure, and the liability coverage you want. You may find it helpful to take inventory of the items you have in your house, taking special note of expensive electronics, furniture, clothing, and appliances. Ideally, your policy should at least cover the majority of the replacement cost for these items in the event of an accident.

4. When Do I Need to Re-evaluate My Policy?

It’s a good idea to re-evaluate your homeowners insurance once every year—and again if you make any significant home improvements. This allows you to adjust to changing needs. You can also add coverage if your existing policy does not offer enough protection. In most instances, you’ll be able to upgrade your coverage rather than purchasing a completely new policy.

Let the experienced agents at Arlene Lear Insurance help you find the best homeowners insurance policy for your needs. They’ll work with you to ensure that the premiums are affordable without sacrificing the quality coverage your family requires. Learn more about their services online, and call (417) 777-3000 for their Bolivar location or (417) 754-8377 to speak with an agent at their Humansville office.

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