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You need homeowners insurance to protect your home. But do you know how much to buy, what it covers, and how to save on your premiums? This video answers those questions.
In this quick interview, Julie Owens and Felicity King-Evans talk about home insurance and how to make sure your garden is totally covered for the summer ahead…
Watch this video to find out what homeowners insurance covers and how much insurance you should have.
Reading a homeowners insurance policy can be confusing. This video answers the most-asked homeowners insurance questions.
As you search for coverage for your home. Shopping for affordable home insurance coverage, you would come across a great number of insurance companies promising to offer you the best coverage and at the most affordable rates. Do you just go along wit their claims? Of course not, you find out for yourself. To do this effectively, you need to be very aware of what insurers call EXCLUSIONS.
Exclusions are actually things you can’t claim against. If you do not read and understand the exclusions section of your policy which of course is not very well advertised, you might think you are very covered only to discover at claim time that this was not the case as the claim you want to make falls under this category.
Exclusions are not fixed which is why with every new insurer, you need to know what their own exclusions are. Here we would look at some common ones.
Some common exclusions include: Environmental Factors, accidental damage by pets, external factors and home vacancy.
These environmental factors are sometimes called acts of God. They include, floods, earthquakes, hurricanes and other natural disasters. These natural disasters are hardly ever covered and living in areas where any of these is frequent would mean you would not easily get very affordable home insurance policies.
If you have household pets, damages caused by them are usually not covered. Also damages arising from the age of the building and or other insured items are not also covered. Before claims on damages are honored, your insurer would want to ascertain that it was not done as a result of carelessness.
A very common exclusion is claims made on vacant properties. If you leave your home vacant for a while say a month without anyone caring for it and something happens, your claims would not be honored as you would be dimmed careless and the cause of the damage.
These are by no means an exhaustive list of possible exclusions so you need to make sure you read and understand the exclusions in a home insurance policy and agree with them before taking out a policy.
You can search extensively online to get the insurer that would offer you the type of coverage you need and at the best rate. The best way to do this is to compare quotes from as many insurers as you can. You can easily do this by going to quotes comparison sites and there you would after filling a form, instantly get quotes from several insurance companies. The more quotes comparison sites you visit, the more quotes you get and the better your chances you have of getting a very affordable home insurance coverage.
Here are two very good sites to start your quotes comparison.
insureme home insurance Quotes
Hometown home Insurance Quotes
Chimerenka Odimba is the publisher Several finance based sites.
Understanding house insurance is important if you want to ensure that you take out the right cover to suit your needs. There is no set policy to suit every homeowner and so you do need to be aware of the different policies available.
Different House Insurance Policies
Generally there are two main types of house insurance. These include contents insurance and building insurance.
Contents insurance is designed to protect everything within the home that you have purchased and which you will take with you if you ever move. Televisions, stereos, computers and electrical appliances all come under contents insurance. Buildings insurance on the other hand protects the actual fixture of the home including the flooring, roof, fixed bath, sink and basins and fitted kitchens and bathrooms. It can also cover the outside of the property such as greenhouses and garden sheds as well as walls and paving.
As well as contents and buildings insurance, you can also get added extras too. Some of these extras include inflation guard, scheduled personal property, theft coverage protection and guaranteed replacement cost coverage. Inflation guard will increase your insurance as inflation increases. Scheduled personal property will protect against loss or damage to items such as stamps, coins, guns and anything collectable. Theft coverage basically extends the insurance to contents of a motor vehicle or trailer. Finally guaranteed replacement cost coverage will cover the entire cost of rebuilding your home. Obviously the more extras you include in your insurance package, the higher your quote will be.
The main thing that you need to know about all home insurance policies is that they all have loopholes. That is why it is so important to read the small print. Some policies will cover accidental damage but some won’t. So before you sign anything, make sure that your policy has everything that you need included. Would you like any extras for additional peace of mind? Do you know that most policies don’t cover storm damage and some don’t even include theft coverage? Many people learn the hard way that their policy doesn’t cover what they need. So always read the small print to avoid learning a harsh lesson when you do need to make a claim.
The type of coverage that you need will depend upon whether you are a homeowner or a tenant. Usually tenants will only ever need contents coverage. However homeowners would benefit from taking out a joint building and contents policy. Before you take out any policy you should have a good idea of how much your home is worth and how much cover you actually need. It is pointless taking out a policy for 15,000 when the contents of your home only add up to 7,000 for example.
Overall by understanding house insurance it can potentially save you a lot of hassle as well as money when it comes to choosing the best policy for you. With so many different policies available, without knowing what you want and need it could be a nightmare finding a suitable home insurance policy.
Homeowners insurance protects your home and your personal property from loss. Here is homeowners insurance advice for any homeowner looking to save on their homeowners insurance without sacrificing necessary protection.
Buy the Right Amount of Insurance
Your homeowners insurance policy includes coverage for:
* Your home
* Your personal property
* Your assets
Your home – For your home, you need enough insurance to pay for rebuilding your home at current construction costs. To estimate this amount, multiply the square footage of your home by the building cost per square foot in your neighborhood. Do not include the cost of your land as you figure out your property coverage limit.
Your personal property – Your personal property limit is usually half of the property limit. To determine if this is enough, list everything you own and how much it would cost to replace. Also note that some types of personal property, such as jewelry, silverware, or computers, are only covered up to specified limits. Ask your insurance professional what types of personal property have specific limits so you can buy more coverage for these items if you need it.
Your assets - Personal liability coverage protects you if someone is injured while on your property. You should have enough liability insurance to protect your assets – savings accounts, CDs, stocks, bonds, etc.
Get the Discounts You Deserve
Insurance companies typically offer numerous discounts that will lower your insurance bill. Common homeowner discounts include:
* Non-smoker and senior citizen discounts.
* Discounts for safety features such as alarm systems, smoke detectors, and deadbolts.
* Discounts for placing your homeowners and auto insurance with the same company.
Ask your insurance professional about these and any other discounts you qualify for.
Raise Your Deductible
The deductible is the amount you pay out of pocket before the insurance company begins to pay. The higher your deductible, the lower your premium, so set your deductible as high as you can afford.
Shop Around
You can save a lot of money on your homeowners insurance by comparing rates on an insurance comparison website. You type in your insurance information and multiple A-rated insurance companies send you quotes.
On the best insurance comparison websites you can even talk with insurance professionals and get more advice on homeowners insurance and how to save money on your homeowners premium (see link below).
Visit http://www.LowerRateQuotes.com/homeowners-insurance.html or click on the following link to get homeowners insurance rate quotes online from top-rated companies and see how much you can save. You can also get more insurance advice there.
The authors, Brian Stevens and Stacey Schifferdecker, have spent 30 years in the insurance and finance industries, and have written numerous homeowners insurance advice articles.
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