Home Insurance FAQ

Posted: Fri Nov 21, 2008 06:20 am Post Subject:

Hi Misty, all the home policies may look same because they all cover some standard perils like-fire, theft, burglary, hail storm and such, but if you read the policy document carefully you'll find that they all are different in terms of coverage type, level of benefits and similar other parameters.

You need to shop carefully for the HO policies and should blindly accept what is suggested by the mortgage company. While shopping for the HO plan you should check out for- its cost, benefits, exclusions, perils covered and so forth.

You should also keep it in mind that the standard homeowners plans don't cover losses arising from flood and earthquake. Hence, you need to purchase separate coverage that would cover such perils.

Hope it helps.

Posted: Fri Nov 21, 2008 06:21 am Post Subject:

Yes, there are many uninsured homes across the US. You should always go for a home insurance policy that would suit the needs of your type of home. It is truly important for you to go through your policy basics. Look for a policy that would cover you from a large variety of disasters. Whenever your agent has explained the benefits of a policy, you should never forget to ask him regarding other policies. ArindamSenIndies

Posted: Fri Nov 21, 2008 06:26 am Post Subject:

That's right!
It is perfectly alright to compare the benefits of different coverages during your sign-up time. If you're looking for coverage for an older home or say one that has some add-on features, then you'd better opt for the special coverages. Special coverages would only be able to feed the damages for special features e.g. carved structures which could be expensive.
Evan

Posted: Fri Nov 21, 2008 07:05 am Post Subject:

Misty, you can check out with the state insurance department to get an idea on events that every HO policy is required to cover. It'll give you the basic knowledge about what to expect from the insurer.

It goes without saying that you're required to buy enough coverage for your asset, both for the structure and also for the personal belongings. Homeowners prefer to buy multi peril policies that cover evens like- theft, vandalism, lightning and also liability.

Hope it helps.

~Jeremy

Posted: Fri Nov 21, 2008 07:17 am Post Subject:

Home insurance would not only offer you liability coverage. It would also cover your building structure and other valuables. But remember that is never gonna cover your land. Almost all the better policies would offer the inflation protection hikes upon the insured worth. So, you'd just need to ensure that it is worthy of covering your home after this hike. Crossbreed

Posted: Fri Nov 21, 2008 07:19 am Post Subject:

Another important factor is the level of deductible. We all know that the rate of deductible affects the rate of premium. Hence, choosing higher deductible seems an easy option to lower the rate pf premium. The insuranece company might offer you $500 deductible on the policy which is more standard, but you can always increase the rate to save more. However, you should also keep in mind that it will be your out-of-pocket at the time of need. Therefore, you should also choose a comfortable level of deductible while choosing the plan.

Posted: Fri Nov 21, 2008 07:26 am Post Subject:

Hey Misty!
Well, in order to get a fair idea of the rebuilding costs around your place, you may need to conduct a thorough research and determine the cost per square foot. Yeah, in doing so you may need to consult a number of contractors and agents associated with real estate developments.
OldmanGarcia

Posted: Fri Nov 21, 2008 10:34 am Post Subject:

Hi all..I'd simply believe that the best way to go about this is to analyze our properties regularly. We may possess valuables like jewelry and electronic gadgets. But these are items that have restricted coverage under a home owners policy. This is the reason you need to analyze your personal property coverage needs and opt for individual policy for each such personal item.
Roddick

Posted: Fri Nov 21, 2008 10:40 am Post Subject:

Whenever you'd go for remodeling or interior changes, you'd need to think of your home insurance premium hikes for once. So, now is your time to consult your agent regarding your past upgrades as well as your future endeavors. Make sure that you consult an agent who's experienced and would be able to deliver a detailed account of the cost modifications associated with such restructuring of your home. Purpleheaded08

Posted: Fri Nov 21, 2008 12:03 pm Post Subject:

Hi..I think it is time for you to check out the floaters as well. Looking at the frequency of hurricanes, landslides and floods it would be a better idea to fill up all the gaps now. You may also consider an umbrella insurance for that purpose. Likewise, if you're running any home-based business, you may opt for a home business insurance as well. Roddick