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.
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.
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.
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.
When you report a claim, your insurance company will ask you to provide a record of all your lost or damaged items in the mishap. Then, would you be able to remember your possessions details? Or recall when was the items bought and where and it’s cost? With the shock and trauma built in, you tend to miss on a few important items which leads to major loss.
Home Inventory Must Include
An essential document to to make your claim process easy after an incident such as damage, loss, or theft occurs is labeled as home inventory. This inventory is a simple basic document which usually lists all your valuable items and value of each item in home. A special attention is needed for the most precious items say jewelry, antiques, electronic equipment or coins.
Identify every insurable items of your house. Help your insurer with a brief description of every item, even mention its model name, purchase date and brand name. Make sure to attach credit statements, receipts and pictures. Doing this, you will establish an ownership and your property will be valued.
Creating Home Inventory
- Take pictures of every precious item and of your home. Also, walk through your home and capture a video of it. This record can stand all alone as inventory.
- Prepare a check list and customize the required information on a spread sheet at home computer. Make sure you increase attributes to specify the related details of the purchase and product information.
- Greater efficiency and less flexibility is achieved by a software program on home inventory or do sign in for any inventory program online.
- Though it’s expensive, it has become easier to hire and find a company for home inventory. Ensure to check for credentials of the representatives carefully.
Have Backup Copies: Let home inventory not become a part of property loss. Have a copy of inventory in safe deposits in bank or any other secured location usually away from house. Update your inventory packet every four to six months.
Inventory for Rescue
You do experience a property loss, your inventory will assist in the settlement of a covered loss or claim.
- Make a list of all your personal belongings and provide it to your insurance company so that you receive compensation for every item covered in your policy.
- File a claim completely and efficiently to have an accurate and quick settlement.
- Ensure adequate coverage for all your belongings.
- After a burglary has occurred, list out those items stolen by using your home inventory and determine its cost.
- Provide a video record of product details and receipts to make identification of those items easy.
In short,home inventories are valid legal documents to show your insurance company what was lost in a break through or any other catastrophe. They are also quite handy for any survey to be conducted and getting rid of mess. Save your money, frustration and majorly your time by planning well ahead by a complete inventory for your personal property.
A home is one of the largest investments that any one will make over a life time, and Texas homeowners insurance is one of those “must haves” to protect the investment. It is not necessary to have once the home is paid in full. However, a person needs to think twice before dropping their policy. Before a purchase is made, a consumer needs to do a Texas insurance comparison. Never assume they are all the same. Unlike autos, homes go up in value in a normal economy, find a state of Texas insurance policy that meets legal requirements and a provides peace of mind. Consider these three things:
- Home insurance in Texas needs to be purchased from a company with a good reputation in the state. Which companies have the least complaints? Your independent Texas insurance agent will provide you a cross comparison. Do not become a victim of surprise. Get a grasp on the Texas insurance market for home buyers.
- Texas homeowners insurance will have to meet a number of requirements to protect the lenders investment. A person needs to consider the potential hazards of an area if the bank requires extra Texas insurance policy coverage. Do you really want to buy a home in a flood zone or in tornado alley? The cheapest insurance in Texas may not provide the best coverage.
- Know what Texas home insurance covers and does not cover. You will need a good policy with effective coverage for liability and natural disasters. Use the banks and homeowner insurance companies to raise a red flag for both home buying, and homeowner insurance purchases. Texas insurance rates maybe higher in a certain region such as in coastal areas, earthquake fault lines, high crime, and other locations.