How to Choose a Home Insurance Policy

Home insurance is an excellent investment for anyone who wants to protect their home. You can be confident, knowing that in the event of a disaster, you are protected against financial loss. However, when choosing a home insurance policy, some people may not be sure how to choose a policy. Ed Thompson Insurance Agency explains to Omaha, NE residents how to choose a home insurance policy.

Understand Insurance

For you to choose the right policy for yourself, you have to understand how home insurance policies and coverage work. With that information, you are aware of what is required of you to make informed choices.

Evaluate Your Needs and Know What is Covered

Before choosing a policy, it will be good if you assess your needs first. There is a lot of information online, and you can also talk to various insurance agents to analyze what specific policies require. Depending on your needs, get to know what is covered and if it is satisfactory. For instance, comprehensive coverage is not the same as basic coverage. And depending on your financial ability and valuables, you need something that will offer you a good cover. In the end, research is an essential aspect of choosing a policy.

Accurate Estimates

When choosing a policy, ensure you have the correct estimates for the cost of rebuilding your home and replacing the contents inside. A proper estimate is the only way to know you are choosing a policy sufficient to cover your needs.

Fill The Application Correctly

When you are filing an insurance application form, you need to fill it accurately. There are essential things you will be asked about, like various features of your home. This is not a guessing game but rather an opportunity to ensure you are picking the right policy. Also, if you give wrong information, your claim may be turned down.

If you are looking to purchase a home insurance policy in Omaha, NE, speak to Ed Thompson Insurance Agency, where we will help you pick a policy depending on your needs.

4 essential home insurance coverages every first time owner should buy

Buying a new home comes with a mixture of excitement and worry as there are many considerations to make, such as location, size, neighborhood, property taxes, packing, and so much more. Unfortunately, many people in Omaha, NE end up dwelling on the aesthetics and overlook the importance of getting proper home insurance. At Ed Thompson Insurance Agency, we recommend giving home insurance a priority as it protects your investment. Here are the four critical coverages you should seriously consider buying as a first-time homeowner.

1. Personal property

Your personal property makes up your home, and your things are probably the first thing you would want to save in the event of a fire or natural disaster. Your clothing, appliances, furniture, and even personal collections are covered under personal property coverage.

2. Additional living expenses (ALE)

Ever thought about what would happen when a disaster brings down your home? Of course, you would be lucky if you had ALE as it would allow you to live in a hotel or home in Omaha, NE to get your life back to normal as your home undergoes repair.

3. Dwelling and other structures

The dwelling coverage compensates you for damage to the interior and exterior of your house. The areas covered include the wall, floor, and ceiling. If you have other structures on your compound, such as a detached garage, other structures’ coverage helps protect them in the event of a fire or any other covered disaster.

4. Liability

You will need liability coverage whether you live alone, with a spouse, or parents. You never know when you will be slapped with an expensive lawsuit. Remember your guest or neighbor can sue you for injuries or property damage. The last thing you want is to start taking new loans after buying a new home. 

For more information, questions, or policy discussion contact, Ed Thompson Insurance Agency today.

What is a Home Inventory and How do I Create One?

Creating a home inventory in Omaha, NE is one of the best ways to ensure you get properly compensated should something happen to your home. A home inventory is a list of the items in your home, and it is beneficial when you need to file an insurance claim after your home is damaged or robbed. Ed Thompson Insurance Agency has summarized the basics of how to create a home inventory to make the process as easy as possible for you. 

How to Create a Home Inventory

While it might sound tedious, the best way to make a home inventory is to go through every room in your home and write down everything you own. Don’t skip over the small things; the more detailed your inventory is, the easier it will be to create an insurance claim and get compensated if something happens to your home or belongings. 

Additional details that are helpful to include are pictures of the items, prices, and the date you purchased them. Consider doing one room at a time, so the task doesn’t feel overwhelming. When you’re finished, store your home inventory electronically so you’ll have easy access to it if something happens to your home. 

Once your inventory is completed, revisit it at least annually. Add items that you’ve bought and delete items that you’ve gotten rid of. 

In the unfortunate event something happens to the belongings in your home, a home inventory makes the aftermath easier. If you have questions about creating a home inventory or about home insurance in general, Ed Thompson Insurance Agency, which serves Omaha, NE is ready to help. Give us a call or stop by our office today. 

 

Why would I get home insurance in Omaha?

In the Omaha, NE area, owning a home can be a great long-term option. Those that are property owners will be making a big investment, which should be properly protected. One of the best ways to do this is by getting a home insurance policy. There are several reasons why someone here should consider getting home insurance. 

Insurance Offers Valuable Coverage and Protection

One reason you should get home insurance when you are in Omaha is to give you some beneficial coverage. With home insurance, you will get the coverage that can help repair or rebuild your home if it is damaged. Additionally, you will receive a liability coverage plan that will give protection if you or your home are found at fault for an injury or property damage. During some difficult situations, this will prove to be extremely helpful when you have coverage. 

Insurance is a Requirement for Many

You will also want to get home insurance for your Omaha property because it could be a requirement for you. Many people in this area end up being required to carry home insurance at all times. If you have taken out a mortgage or live in a home association, you likely have home insurance requirements. It is important to fully understand what these requirements are and get a policy that matches them. 

As you are looking for a home insurance policy in the Omaha, NE area, you should speak with the team at Ed Thompson Insurance Agency. If you speak with the insurance team at Ed Thompson Insurance Agency, you can learn far more about the different options you have. This can help ensure that you get into the best policy possible. 

5 Terms You Should Know About Home Insurance

Homeowner’s insurance is a complicated topic. When you talk to an agent, it would be helpful if you know some of the more common terms you’ll come across. The team at Ed Thompson Insurance Agency of the Omaha, NE area can also make this language clearer for you if there are still things that you don’t understand.

  • Blanket Coverage: This is when your insurance policy has just one limit of insurance for multiple items. For instance, you would get a certain amount for three buildings on your property instead of having them scheduled separately for individual amounts. 

  • Claim: This refers to requesting that your insurance company pays you when you’ve had a loss. Once the company validates the claim, you’ll receive your payment. 

  • Depreciation: This refers to a decrease in your property’s value (whether it’s your house, oven, roof, etc.) when it’s had wear and tear or it has become obsolete. 

  • Replacement cost value insurance (also known as RCV): This is coverage that pays to replace or restore something that’s been destroyed or damaged. This will restore it to the condition that it was in before the damage occurring.

  • Rider: Though it’s typically used for life insurance, a rider may be applied to other types of insurance if you need additional coverage beyond what’s stated in your policy. 

Serving the greater Omaha, NE region, Ed Thompson Insurance Agency has provided assistance to many returning and new clients over the years. If you are looking for home insurance or another kind of insurance that fits your needs, contact us today with your questions and concerns. 

Hidden Home Insurance Facts That Nebraska Residents Should Be Aware Of

Ed Thompson Insurance Agency assists Nebraska residents by offering them multiple insurance policies. We are committed to helping our clients find the coverage that they are looking to acquire.

Home Insurance is Essential

Ed Thompson Insurance Agency believes that homes are valuable pieces of property. That’s why we advise all of our clients in Omaha, NE, and the surrounding communities to consider purchasing home insurance. Home insurance will cover your home if it is damaged due to a natural disaster or if someone breaks into your home and steals your valuables or vandalizes your property. While you are researching different policy options, here are some vital home insurance facts that you may not be aware of.

Your Belongings Are Important

Make sure that you have an accurate valuation of your belongings. That will help you figure out how much coverage you need. Consider doing a home inventory and recording the details of your items.

You May Be Able To Reopen A Claim

If your home is damaged by a natural disaster such as a tornado or a fire, your home insurance policy will cover the damages. If you discover damages that you were previously unaware of, you can reopen the claim to see if those damages are covered.

Living Near A Fire Department May Impact Your Policy

If your home is near a fire department with a reputation for providing excellent service, that may impact your home insurance policy

Your Credit History Is Important

Your credit history may influence your home insurance policy. That’s why you should always try to maintain a good credit score.

Ed Thompson Insurance Agency Can Help You

Stop by our office in Omaha, NE, so that we can assist you today!