Whether you own your home or rent, insurance is a must. Murfreesboro, Tennessee residents can expect to pay around $706 a year for homeowner's insurance (renter's insurance averages around $200 a year), which is far less than it would cost to replace a roof after a hail storm or your furnishings after a fire.
But when it comes to exclusions, premiums, deductibles, and so forth, shopping for Murfreesboro insurance quotes can be confusing at best. These are a few of the things you need to know before you decide on insurance coverage:
- Flood insurance is not included. As many residents can attest, the Murfreesboro area is prone to flooding. But don't make the mistake of assuming your homeowners' insurance covers flood damage. Flood insurance is regulated by the National Flood Insurance Program and must be purchased separately. Costs for flood insurance varies depending on whether you are insuring the contents, the structure, or both, or if you have a basement. On average, however, it adds about $120 extra a year to your premium. Considering that just a few inches of water can cause thousands of dollars in damage, it's worth the money.
- Renters are not covered under their landlord's policy. If you think you don't need to get insurance because you're renting, think again--a landlord's homeowners insurance covers the structure, not the contents. Renters insurance is a smart, affordable buy and will protect your belongings from theft and damage from perils that include fire, smoke, lightning, hail, and more. It also includes liability coverage, in case someone is injured on the premises and sues you.
- Your policy will have exclusions. Make sure you know what exclusions are listed in your policy, as these are the things your homeowners' insurance will not cover. Common exclusions include earthquakes or earth movement (landslides), water damage, war, or power failure, to name a few. Always ask your agent what your Murfreesboro insurance covers and does not cover.
- Filing a claim will cost you. Before your insurance kicks in, you must pay a deductible out of pocket. You can choose this amount, anywhere from a few hundred dollars to a few thousand. Keep in mind that the higher your deductible, the less you will pay each month. But make sure it isn't so high that you can't afford it. It's also important to know that insurance companies will drop you if you file too many claims, so make sure you're not filing a lot of small claims.
- Shopping around will save you money. Not every insurance company will give you the same Murfreesboro insurance quotes. In fact, the price can vary by hundreds of dollars with each company. That's why it's smart to shop around and compare quotes. Netquote.com is a great source for this. You can research different types of insurance, then get multiple Murfreesboro insurance quotes for free within just a few minutes.
You can save money on your Murfreesboro insurance and make sure you're properly covered by taking the time to learn what your policy includes and shopping around for multiple quotes.