Are You Covered? Tips for Getting the Best Homeowner's Insurance

Your home is one of the biggest and most vital assets in your life. It is your responsibility to protect your home and all the other assets/personal properties inside your home from theft, damage, fire, natural calamities, etc. A home insurance policy does just that, taking care of your financial needs in case of damage to your property.

There are different types of home insurance policies relating to various types of homes such as condos, mobile homes, town houses etc, to suit varying needs and financial requirements of home owners. There is even home insurance for renters.

If you want to avail of the best and lowest home insurance quotes, log on to the numerous online insurance sites that will offer you quick, free and instant quotes from several different insurance companies simultaneously. This will help you compare different quotes side-by-side so that you can select the best one and save money.

HOME OWNER’S INSURANCE: Most lending institutions or banks will check upon your home insurance status before sanctioning your home loan application. The factors that will determine how much premium you have to pay for your home owner’s insurance include:
* The age of your home
* Building materials used to construct your home
* Its distance from the nearest fire station and the state/area/locality where it is situated
* The total number of rooms and square footage
* The type of heating system you have installed in your home
* The present condition of your home
* The number of people staying etc.
In addition to standard home owner’s insurance policies you also have to make arrangements to protect your home from floods and earthquake that are usually not covered by standard home insurance policies. So you can opt for supplemental coverage like flood insurance and earthquake insurance.

RENTER’S INSURANCE: If you are living in a rented house then you have to opt for a separate policy to cover your personal belongings and vital assets inside the rented condo/apartment. Your landlord possesses a home insurance that covers only the home but not the belongings/possessions of his/her tenants. A renter’s insurance plan ensures protection to your belongings. Liability protection is an additional benefit offered by with most standard renter's policies.

It is always wise to consult your insurance agent beforehand to know the exact limits of your home owner's/renter's insurance policies so that you have adequate coverage and can claim the required amount.

Get an idea about the advantages of replacement cost policies and actual cash value coverage. The former gives you more protection than the latter.

To simplify your home insurance claims always make an inventory list of all the objects and personal assets that you want to protect inside your own/rented home. Make special mention to your agent about expensive and valuable assets as jewelry, electronic goods, antiques, etc.

If you want to lower your annual home insurance premiums (home owner’s/renter’s insurance)
> Increase the deductible
> Ask your agent about the different types of discounts such as discounts for installing fire/smoke/burglar alarms, etc. or discounts to aged and retired policy holders and so on.
> Maintain a good credit history

To provide extra coverage for items as jewelry, computers, antique pieces, art collectibles, expensive electronic items, etc. in your home you will have to pay extra premium that will help you buy endorsements that enhance the coverage on these items. You can also opt for personal umbrella liability insurance for extra coverage.

So select the right kind of home insurance and secure your home and all your personal belongings for life.



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