Home Insurance

Home insurance is a must for everyone as investing in a home is an expensive proposition for most Americans. Added to that a suitable insurance cover makes the total costs soar.

4Insurance.com offers information on making decisions that can considerably bring down the cost of your home insurance and increase the value you receive. Fingertips

Who can buy home insurance

Owners: To safeguard both your house and personal belongings.
Tenants: To protect your furniture and other personal property.
Everyone: To protect against liability for accidents that injure other people or damage their property.

There is stiff competition among the many underwriting companies to provide the lowest possible rates, broadest coverage, and best possible service. Competition works to your advantage when you take the time to shop for the rates and coverage that are best for you.

Shopping for insurance is not difficult, it only requires a good bit of time. It may not be exciting, but it very possibly will save you money. There maybe many companies offering insurance. Sometimes the best rates and best service may come from a company you are not familiar with today.

Every company must cover your home, wherever it is. You may contact any company or agent selling insurance and ask for a quote and you may even look up companies online. You don’t have to live in the area in which the agent is located to get a policy from a company he or she represents.

The coverage offered to homeowners are typically those of liability and property coverage. Fire and extended coverage are additional that you can purchase separately. There are five basic types of homeowners policies offered by most companies. They are generally referred to as

However, it is important to note that not all companies offer these policies. Therefore, being thoroughly familiar with your policy is mandatory.

Perils & Policies

Peril is the word the insurance industry uses for any event that could damage your property. Most policies have two sets of perils:

While each insurance company prepares its own contracts, most sell policies that are similar. The form number on a typical policy usually includes one of these labels:

Common exclusions for the HO-2, -3, -4, -5 and -6 forms

Typical exclusions include earthquake, flood, water damage (sewer backup or a basement leak), power failure off your premises, poor home maintenance, war collapse, nuclear hazard, intentional acts of an insured, laws and ordinance enforcement (such as building codes).

Be sure to review your policy’s exclusions and limitations so that you know what is not covered. You can usually purchase additional coverage for most items that are excluded under the policy. Some insurance companies offer personal liability coverage, medical payments coverage and mine subsidence coverage as add ons which can be bought separately.

Although home insurance is not legally required in most states, if your home is mortgaged, your lender may require you to buy insurance on your home. To get the best value for your money, you must assume responsibility for purchasing your home insurance. There is no good time for buying insurance. But do it now.

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