Homeowners Insurance 101
Typically, four categories are covered by a standard homeowner’s insurance policy, which include the following:
- If you or your family members damage anyone’s property or hurt anyone
- Additional living expenses, in case you have to leave your home due to a fire or other insured damages
- Your belongings
- The structure of your home
Know the Value of Your Home
Before you go buying home insurance, it is imperative you know the value of your home and its content. Therefore, do an inventory check in each room of your house and do not forget to note the serial number, model, and make of each product. A video inventory or image gallery of those products can be quite helpful as well. Once you make a complete inventory, ensure you keep a copy of it somewhere safe such as a deposit box. You can also give a copy to a relative to keep it safe.
How to Choose the Best Policy & Insurer
Shop around for the best quotes and remember to get quotations from a minimum of three companies. Do not settle for the 1st company you visit because having multiple options available will allow you to decide the insurance policy and insurer that best suits your needs. However, do not just shop according to the price, as a low priced bargain usually does not cover everything you require.
Homeowners Insurance Saving Tips
One of the most common ways to save money on insurance is by opting for a higher deductible. Moreover, you can also gain discounts by bundling all your insurance needs such as your life and auto insurance. Additionally, you should also consider asking the company for discounts on things such as low claim rates, security devices and more.