Whether you own your home or pay off your mortgage, homeowners’ insurance in Metairie offers residents a financial safety net. If you are purchasing a new home, a mortgage company may also require you to invest in homeowners insurance to protect their investment.
If your home is damaged due to lightning, tornado, wind, hail, fire, or some other covered event, it will be covered. The mortgage company will feel more comfortable financially assisting you in purchasing your home knowing that these damages are covered by homeowners’ insurance.
Where Should I Get Homeowners Insurance?
There are a plethora of homeowners’ insurance policies and agencies nationwide. Professional homeowners’ insurance agencies, such as Dan J. Burghardt Insurance Agency, Inc., will provide you with a free quote and discuss what the policy will cover before you purchase the policy. Local homeowners’ insurance in Metairie offers you quick service as opposed to some of the larger companies that are spread across states.
You should think about how much you can afford monthly for the premium as well as what you would like for a deductible. Once you have decided what you want to be covered, what your budget is, and what a reasonable deductible is for you, you can search for a homeowners’ insurance agency that fits your requirements.
What’s the Difference Between a Monthly Premium and a Deductible?
Your policy will require a monthly premium for coverage. This is a base fee that you will need to pay to be covered by insurance if anything catastrophic were to happen. Some homeowners’ insurance in Metairie may offer you a discount on bundling and/or paying out the policy in full. For example, buying six months of homeowners’ insurance may be cheaper than paying a monthly premium.
A deductible is the amount of money that you will have to pay out of pocket if an event were to occur. For example, if your deductible is $1000 and severe winds damage your roof, your insurance will cover the costs above the initial $1000. If the estimate is for $16,000, then you will only be required to pay $1000 and your insurance will pay the rest.
It is important to realize that lower premiums also increase your deductible with many insurance agencies. If you know that you cannot afford $5000 as an out-of-pocket expense if a major disaster were to occur, you may want to pay a slightly higher premium and receive a lower deductible. You can talk to an insurance representative at the company to ask what kinds of policies, deductibles, and premium rates they offer.