Shopping for home insurance can be a challenging task after buying a house, especially with so many different coverage options available. To ensure Lovington, NM, homeowners make the most informed decisions possible, the insurance agents at Western States Insurance Group answer a few common questions they receive from clients about identifying the best type of coverage and protection. 

4 FAQ About Home Insurance 

Is Home Insurance Required?

Although home insurance is not a requirement under New Mexico law, if you finance a home purchase with a mortgage loan, the lender will require you to have a minimum amount of coverage. Even if you own the home completely, you should still remain insured just in case disaster strikes.

What Does a Standard Policy Cover? 

Standard home insurance policies provide coverage for the structure of the home, other structures on the property, personal belongings, liability claims or lawsuits, and additional living expenses if you can’t stay in the house for any length of time due to a covered loss. The type of perils and events typically covered include fire, windstorms, hail, inclement weather, theft, and vandalism. 

What Should I Consider When Choosing Coverage? 

Some key factors to think about are the estimated cost to replace, rebuild, or repair the home in the event of a disaster, how much deductible you can afford to pay out-of-pocket if you need to file a claim, the total value of personal possessions, how frequently you have guests, and if you require additional coverage for things like floods or a swimming pool.

How Can I Save Money on My Premium? 

Most insurance providers offer a variety of ways to cut premium costs. Though exact discounts vary from company to company, you may be eligible to reduce the rate by bundling policies, installing safety and security features, raising the deductible, and improving your credit score. An insurance agent will know how to help you maximize savings.

Asking the right questions will make it easier to find the policy that fits your needs and budget. Western States Insurance Group is comprised of a team of insurance professionals who are committed to offering high-quality risk management products. They will help you compare different home insurance companies and coverage options for a smoother shopping experience. Call (575) 396-1318 extension 1 for Stella Fernandez, our home specialist.   Visit their website to learn more about their services.