Shopping for cheap homeowners insurance in Washington State can seem like a daunting task. Finding the cheapest rates on your homeowners insurance in WA means you need to know what you need and what to compare. Coverage options, rate determinations, and your individual situation are all factors that will impact the ease with which you can obtain the cheap homeowners insurance you need in Washington.
Knowing What Is Covered With Cheap Washington Homeowners Insurance
One of the main questions is “Do I need flood insurance”? This is a loaded question, so examine what your coverage entails before making any decisions. If you are in a flood zone, it would be foolish not to have flood damage insurance coverage. In fact, your mortgage lender will probably require that you take out this additional coverage.
Generally, flood insurance is separate from the coverage Washington State mortgage lenders require you to have as long as you own your home. The “Standard” Washington State homeowner’s insurance policy does not cover flood damage to your home. Also, there are other factors to consider when purchasing cheap homeowners insurance for your investment.
Basic homeowners insurance does cover any damages occurred during volcanic eruption. However, it will not ease the burden of damages caused by floods, landslides or earthquakes. You will probably have to add additional coverage for these situations. So be sure that you understand your insurance agent when they talk about “Act of God” clauses. Ask questions if you are unsure of the specifics of your particular policy because they are not always covered by your homeowners insurance.
Also, it is estimated that there will be a major earthquake within the next 50 years on the West Coast. That includes Washington. Check on other disasters you may encounter in your area before you consider purchasing cheap homeowners insurance and neglecting some coverage options that you need.
The Right Amount Of Cheap Washington Home Insurance
Here’s an example of how much coverage you need and how much you are likely to spend in an unexpected disaster. On average, a single family home flood insurance policy will cover the disaster to your property up to $250,000 (that is about $800 a year out of pocket expense). You may buy an additional insurance policy that will cover $100,000 for the contents of your home.
You’ll want to take videos or pictures of your household belongings for reference, in case of disaster. This will help prove what you owned before disaster strikes. If you own a business in a non-residential building, coverage is typically available up to $500,000 from most insurers.
How To Choose A Cheap Washington Homeowners Insurance Policy
(HO-3) vs. (HO-2) Policies: It seems HO-3 Washington State home insurance policies are what most people buy today. The coverage protects your possessions and home against all exposure of person or property due to injury, loss, or destruction (and you may even be reimbursed for your healthcare if falling over your dog or cat). Funny, but true.
Just review the “exclusions” section of your Washington homeowners insurance policy and ask your agent to ensure proper coverage. Usually, homeowners are covered by one or the other HO. The greater the number, the more coverage you will have with your homeowners insurance policy. The less popular, but cheaper, homeowners insurance HO-2 policy doesn’t include those mentioned in HO-3 coverage. It’s a “special” policy that protects your home, except those specifications excluded (refer to standard homeowners policies above).
Every year you should scrutinize your Washington homeowners insurance policy, especially if you have done renovations to your property. Your coverage allowance may go up.
More Facts About Cheap Washington Homeowners Insurance
Other Washington homeowners insurance policies exist. One is the HO-4 is for renters. HO-8 is designed for older homes. You will be reimbursed for the “actual cash value basis” on damages to your property. Note: The HO-8 may not be available for even somewhat older homes. Ask your agent for details.
When shopping for cheap Washington homeowners insurance, know the term: “Umbrella Insurance”. Umbrella Insurance covers more than one property (i.e. home, boat, vehicle). In most instances, you can get a discount. Be sure to ask your agent.
All in all, everyone NEEDS homeowners insurance. You can’t afford to be without it. Protect yourself, your loved ones, and your assets. Cheap, affordable homeowners insurance may still seem costly to you. But, the consequences of not having it would be unthinkable if disaster strikes. Ask your agent “how much coverage do I need?”, “what is my actual cash value?” and make sure you compare deductibles. Always know what other questions you may have and ask your agent whatever concerns you.
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