Home Insurance Tailored for New Homeowners

No matter what type of home you live in, you need home insurance tailored for your unique home. You may wonder how insurance providers are able to give a homeowner a policy tailored for his or her specific needs, but it is actually quite easy. When you are looking for the best homeowner insurance, make sure you shop around and find the best policy for your situation.

People who live in multifamily homes like apartment or condos need different protection than people who live in a single family home. If you live in a condo, you will need to be aware of what the condo association is responsible for and whey you will need to insure on you own. Living in apartment is a little more risky than living in a single family home. You depend on your neighbors to be responsible homeowners and prevent fires or floods that could damage your unit. To find the right insurance for your home, make sure you know your unique coverage needs.

A homeowner who lives in a rural area has different needs than a person who lives in a neighborhood. If you have a barn, garage or even a swimming pool, you will have different insurance options. Check out all of the different types of coverage available and you will be able to find a policy that is tailored to your needs and your home.

Before you purchase a insurance policy, think about anything unique that you may need to insure. If you have an expensive gun collection, you will want to take this into consideration when choosing your homeowner insurance. If you have a specific breed of dog, this may need to be noted on your policy also. You do not have to pay a lot for insurance, but you want to make sure you have the exact coverage you need.

What are the Basic Requirements for Home Insurance?

Homeowner’s insurance provides coverage for your home and possessions in the event of a covered loss. When it comes to policy, a minimum amount of coverage is normally required by finance companies before a home loan is finalized. There are other things to consider when it comes to basic requirements for home insurance depending on state or city regulations.

Protecting the lender

When you obtain a mortgage to purchase a home, the lender will have basic requirements for an insurance policy to protect the investment the company has made. Without this insurance, if your house is destroyed, you are still liable for the loan but have no financial reimbursement to cover the loan. You would be without a home and still have an outstanding mortgage.

The basic requirements for home insurance will include protection from losses due to fire and storm damage. Basic coverage does not always include all events of nature. In certain areas, you may be required to have an additional policy for flood or earthquake related damages.

Some mortgage lenders will set requirements for the maximum amount of your deductible on your policy. This can be based on your income to debt ratio. Lenders may also require a set amount of liability coverage in the event someone is injured on your property.

Liability

Some states or individual cities have basic requirements in place for homeowners or renters when it comes to certain pets. If you are the owner of an animal that is classified as dangerous, you may be required to have carry liability insurance. Even without this requirement, it is wise to check your policy to determine your coverage. Some policies may not provide liability protection due to injuries caused by pets.

Additional considerations for home insurance

Even if you own your home with no mortgage, you should have a basic homeowners policy. The insurance will protect your investment. If you do not have a mortgage, you may consider having a higher deductible for covered losses. You still want to be financially protected in the event that your house or the contents are destroyed.

Insurance 101: Home Inventory will Help You Know What You Own

If you are considering updating your home insurance policy, you need to make sure you know how much coverage you need for all of your personal belongings. Often, people forget to update their policy when they buy new things or get rid of old items. Making sure you have the protection you need when a disaster strikes will ensure you can get back on your feet quickly.

Taking a home inventory is the first step to identifying how much insurance coverage you need for your home. One of the easiest ways to do this is to go through each room of your home and write down all of the items that would need to be replaced if there was a flood, fire or other natural disaster. Some people even choose to take pictures or a video with their cell phone. This is a great idea if you want to make sure you can prove that you actually know what you own and the condition of the items before you make a claim. Remember to include collectibles and expensive jewelry when you are making your home inventory. Your home insurance is there to help you when you need it, but sometimes the stress of the situation will make it difficult to remember all of your items.

Before searching online for home insurance quotes, make sure you make a list of your home inventory and store it in a safe location. You may even want to give a copy of the list and pictures or video to a friend or family member. Next, you can calculate the value of your items and decide how much home insurance you need. You want to get life back to normal as quickly as possible after a disaster, so make sure your home protection is ready when you need it.

Information You Need Before Getting Home Insurance Quotes

Shopping for new home insurance is a big purchase — rates in the U.S., after all, average $800 per year. It makes sense that homeowners would want to compare information on home insurance rates from various insurers to be sure to get the most affordable premiums. But before you start asking for home insurance quotes, there is some information you need to obtain first.

Location

Home insurers always require the same locational information about your home. This includes the physical address of the property, as well as whether the home is located in a potentially hazardous area, such as an area prone to hurricanes. Furthermore, you should be prepared to provide insurers with the distance between your home and the nearest fire department and fire hydrant. These factors make a big difference in how quickly firefighters would be capable of extinguishing a flame.

Construction

Your home’s construction components weigh heavily on the amount you will pay in premiums. Insurers will want to know what your home and roof are made of, as well as what type of foundation you have. You may also have to provide information about whether your home has a garage, a porch or a breezeway. Be sure to take note of whether your electricity uses a circuit breaker or fuse box, and let your insurer know how your home is heated. Gas and electric heating, for instance, get preferred rates over wood stoves and kerosene heaters.

Details

Other details can impact your rates too. For example, the presence of deadbolts, fire extinguishers, smoke detectors and alarm systems can all lower the chances that you will have to make a large claim. You will also need to provide square footage information, the year your home was constructed, and the home’s purchase price or appraised value.

How to Save on Home Insurance

How to Save on Home Insurance?If you own a home, chances are you have homeowner’s insurance to protect the investment you’ve made in your property. Although home insurance is an important way to guard against major repair and replacement expenses, most homeowners wouldn’t mind a lower rate for their insurance premiums. Fortunately, there are ways for your to save on home insurance without sacrificing your coverage.

Do More to Protect Your Property

One of the most common discounts that insurers shell out to homeowners involves the additional safety measures taken to avoid insurance claims. For example, insurers may ask you if you have a monitored alarm system, which can equate to as much as a 20 percent discount in premiums. Other safety discounts may be available for a fence around your pool or extra fire alarms and extinguishers.

Raise Your Deductible

Your deductible is the amount of money you must pay out of your pocket before your insurance company will pay a penny for your claims. The higher your deductible is, the lower your premium will be. Depending on your policy and the amount of coverage you have, raising your deductible from $500 to one percent of your home’s property value could equate to hundreds of dollars per year in savings.

Purchase Multiple Policies

Unless you live in a pedestrian-friendly community, chances are that if you own a home, you also have a car to insure. Insurance companies like it when their customers purchase multiple insurance policies from them and are willing to dole out discounts for having both your home and auto insurance policies secured by the same provider. If you do not need auto insurance, ask your home insurer if multiple policy discounts are available for purchasing other types of insurance, such as life insurance or coverage for a recreational vehicle.

Compare Home Insurance Rates

Ultimately, the amount of money you pay for home insurance is directly correlated to the company you choose to be your provider. Every insurance company has a different formula for determining how much to charge each customer in premiums, and the company that is most affordable for a friend or family member may not necessarily offer the best rate to you. Be sure to shop around and compare home insurance rates from a private insurance broker who offers quotes for multiple companies. You’ll save time getting quotes from each company individually and you won’t feel pressured to purchase from any particlur one.

3 Secrets to Lowering your Home Insurance

3 Secrets to Lowering your Home InsuranceThe price you pay for home insurance varies depending on a number of factors, some outside of your control and others under your control. Consumers who take the time to examine areas of their homeowners insurance policy under their control stand to save money on their homeowners insurance.

Here are three secrets to lowering your home insurance:

1) Raise your deductible. Raising your deductible is a tried-and-true method of reducing overall home insurance costs. When you choose to increase your deductible, your insurance company will offset the higher deductible with a lower premium. In essence, your deductible represents the amount of risk you are willing to accept before your insurance company begins to pay the insurance claim. Before deciding to raise your deductible, examine your budget and finances closely to determine how much of a deductible you can afford to pay in the event of a disaster or liability claim.

2) Bundle your policies. Most insurance companies reward you for buying multiple insurance policies from them. Even purchasing just your auto and homeowners insurance from the same insurance company can land you significant discounts. Some insurance companies offer discounts of from five to 15 percent if you purchase multiple policies from them.

3) Pursue homeowners discounts. In order to lower your home insurance even further, make sure you are getting all the homeowners insurance discounts you are eligible for. For example, you may be entitled to discounts for having extra security features in your home, such as a system alarm and deadbolt locks. Other disaster protection methods, such as smoke detectors, fire extinguishers, and fire alarm systems may also provide you with discounts on your insurance premiums. In other cases, you may be entitled to home insurance discounts just for being a member of a certain group. For instance, if you are retired and over 55, your insurance company may be able to offer you a discount.

Buying Insurance Online – Avoid Pitfalls

Buying Insurance Online – Avoid PitfallsEverything is made easy today just by a click. Internet today has completely changed the life style of people. Shopping for books, gifts, furniture, groceries, movie tickets and even insurance happens through internet. With wide choices and many offers available, finding insurance online is made convenient. However, you need to be careful and make sure that you understand your buy. With a cautious step be thoughtful when choosing the insurance company and their policy. Ensure you give your correct details while filling the form on the internet.

Online Shopping

Some insurance providers try to make your buy easy by asking only few questions or not answering all your questions. Obtaining all the required information is necessary when buying your home insurance policy to cover your home, its content and your personal belongings. Tell your insurer about safety devices installed, any business on run at home, age of your house, materials used in construction, location and many more. These factors will help you in obtaining good discounts and offers on your policy and thus reducing your insurance premium rates.

Terms used in insurance can be confusing. Let this not stop you, in every form there will be a glossary or information tab which will explain you about the terms being used and what it means making your task easy. If still not sure, there are many insurance related websites online which will provide you a better guidance. With home insurance there are two types of cover, one for the building and the other for the contents within it. It completely depends on your circumstances to decide on the buy. No matter which kind, ensure you understand the cover completely. Basically, buying online should not be any different than buying insurance face to face. Advice is to read the terms and conditions carefully and then to buy on being absolutely sure of what you want.

Flood Insurance

Flood insuranceHome is a valuable asset which no one would like to give up on. However this asset of yours is so vulnerable for disasters and destruction due to calamities. A tree from neighbor hood can fall on your roof or fence, a heavy wind can blow off the roof, a theft can occur, someone can be bitten by your pet, all such incidents are unforeseen. You cannot prevent few things but all you can do is take necessary measures to face the consequences. In order to avoid any financial crisis, obtain a home insurance  policy . Many insurance companies provide you the best deals on your policy to cover all or most of the perils in a convenient package. You will need to do a smart work in selecting the best coverage and hence choosing the right home insurance policy from right company for an affordable price.

Most home insurance  policies do not cover damages due to flood. Floods can be caused by hurricanes, melting of snow, water backup drainage burst, heavy storms and many more. All these are unpredictable and when happens, it will wash away all your happiness and peace. Flood insurance covers any loss occurred to your property, from structural damage to debris clean up. Make an inventory of all your priced possessions and cover them by purchasing separate coverage something which your home insurance policy does not offer.

Necessity Flood insurance is not mandated by state or any insurance company but it is required by a mortgage lender. If your home is prone to flood, do not wait for a lender or an insurer insist you to buy. It is available through NFIP. It is always better to purchase both building and contents coverage for the broadest protection. Talk to your home insurance agent today to enquire about it and to obtain flood insurance, it is a necessity. Even though flood insurance is a federal program, insurance companies sell the policies.

About High Risk Wind Storms in West Virginia

About High Risk Wind Storms in West VirginiaWith high risk due to heavy storms and hurricanes, securing West Virginia home with a home insurance becomes essential. Hence, the dwellers have to ensure safety by making their home more wind and water resistant. Before you sign a bond with any home insurance company, the underwriter of the company will look into safety factors much before they provide you security.

When you are moving from one place to another, whether you own an apartment or rent a house, you will not have safety assurance to your house. Factors such as age, materials used in the construction of home are not under your control. However, maintaining the house in good condition certainly is. Record says, many homes which are older are more prone to disasters than the newly built. Hence, make all the necessary repairs, renovations, replacements before you step out to buy a home insurance. A prior look at all these will also help in reducing your premium rates. Consider electrical, plumbing and roofing systems and ensure all are sturdy and working well.

Safety Factors

Once you have made your home storm and hurricane resistant, it does not end there. You need to start thinking about other safety factors. Any accident occurring due to fire need not be caused only due to faulty electricity. Install smoke and fire alarms in every room to get an alert, also have fire extinguishers to control small fires in emergency situations. Similarly install burglar alarm, in order to avoid thefts or burglary at home. Replace old locking system by dead bolt locks and sturdy doors. Keep all your windows locked, fill if any cracks or openings found. These measures are taken not only to secure you but will also help in obtaining discounts on your home insurance policy.

Inexpensive Homeowner Add-on

InExpensive HomeOwners Add-OnBackup of Sewage and Water Damage Coverage: Most of the home insurance policies do not include this coverage but as a rider it can be purchased . This won’t cover physical loss caused directly due to insurer’s negligence but covers water damage or sewage or drainage blockage resulting from floods.

Credit Card, Forgery, Fund Transfer and Counterfeit Money: This provides coverage to instances such as loss incurred due to forgery or theft, swapping of check, misuse of credit cards by an unauthorized person, funds transfer made electronically and many as such. This pays for the legal obligation up to a certain limit.

Personal Property Replacement Cost and Special Personal Property Coverage: This provides security for those losses incurred by personal property and gets paid only for it’s replacement cost but not the actual cash value. The Special Personal Property coverage on your home insurance policy covers all risks due to few named perils certainly with exceptions.

Claims

Any insurance company will be happy to assist you and guide you in knowing about your insurance policy, it’s terms and conditions much before you sign a bond with them. It is very important for any person to know about claim procedure, cancellation, renewal or issue of new policy. If any claim is made against your policy, it takes 45 days for the policies in effect to be canceled or renewed or even to increase premium. Claims has its own defined set of rules and conditions and it differs from one company to another. Make sure to check with your agent before you sign a bond and make a claim. If multiple claims are made then the companies may prohibit the surcharges. You can make claims on add-ons provided you have enough proof and help the insurance company with every required detail for the loss incurred.