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Home Owners


Prior to accepting the documents on that new home of yours, you should think about giving proper protection to your investment using home owners insurance just in case an unexpected accident or disaster do occurs someday in whatever form- volcanic eruption, wind, fire or any disaster. Homeowners insurance is basically a financial protection against a tragedy in addition to loss of property and third party injuries. While it is legally possible for everyone to own a home without home owner insurance, however, your local mortgage financiers will definitely require this insurance in order to protect themselves. Here’s a site where you can compare rates to ger the cheapest homeowners insurance  and the cheapest auto insurance. A standard homeowners insurance policy covers the following: Structural damage to the house: This covers the cost of repairs or rebuild  of the home if damage is done as a result of the any disaster covered by the policy( this does not include floods and earthquakes except bought separately).Never estimate the cost of rebuilding as the same price you bought your home, also when determining your coverage, the price of the land should not  be included. The insurance amount you will need to rebuild will be equivalent to the prevalent cost of construction in your area or neighborhood.   You can determine this amount by multiplying the square foot rate of construction in your locality by the total square footage of your home. You can get these numbers from realtors, insurance agents and building associations in your locality. Loss of individual/ personal items: you can get as much as 70% reimbursement for clothes, souvenirs and furniture that were lost or stolen as a result of the disaster. You can have a video record of your possessions and keep it outside your property for safety reasons. Liability: This gives financial coverage against a third party’s property damage or bodily injury for which you are responsible. The legal fees and damage awards are normally covered up to the limit offered by the policy. Usually, this policy starts at an estimate of $100,000 but it is recommended by most experts that you take a policy that with thrice that amount. Check out umbrella policies, you will get additional liability coverage as well as greater compensations  plans. Extra living expenses: This insurance takes care of your restaurant bills, hotel bills and any other expenses in case you it became mandatory for you to live in another place while you are getting your home repaired or rebuilt. Before buying a policy, endeavor to find out the duration and what exactly a policy covers and what it doesn’t. There are many determining factors of the cost of homeowners insurance policy, these include; the rate of crime in the neighborhood, the house’s square footage and how susceptible the area is to natural disasters. The extent of the coverage also has a great influence. You should put the following options into considerations Actual Cash Value: Takes care of a home’s replacement or replacement of possessions after the home’s depreciation value has been deducted. Replacement Cost: Takes care of a home’s replacement or replacement of possessions without deducing the home’s depreciation value or cost Guaranteed Replacement Cost: Reimburses the exact value it costs to repair or rebuild your home exact way it was prior to the disaster. There are various tactics you can employ to keep your premiums on homeowners insurance low, these include buying your auto and home owner insurance from  the same firm (they often give you discount for this) and increasing the amount you will contribute towards the loss. For example, you can save up to 25% by simply increasing your deductible policy from $1000 to $2000; endeavor to get information about other discounts available. Be careful in choosing your insurer, diligently carry out a search on homeowners insurance, get a minimum of three quotes and ensure that whichever company to choose to get insured with has a good reputation and will be there to pay your claims in the future

How to shop for


homeowners insurance

Yes, affordable home insurance is available if you know where to look. This article shows you where to look. You’re probably paying too much for homeowners insurance coverage. Each year, most Washington-area homeowners let hundreds of dollars — and, for many, more than $1,000 — slip through their fingers because they buy coverage with high-priced companies. Nonprofit consumer group Washington Consumers’ Checkbook collected sample premiums from the area’s largest insurers for several illustrative Washington-area homes, and here is an example of what we found: • For a typical policy for a sample frame house and family in Montgomery County, lower-cost rates ranged from $687 with Homesite, to $831 with USAA and $980 with Penn National and higher-cost rates ranged from $1,498 with Liberty Mutual to $1,503 with Erie. • For a sample frame home in the District, lower-costs rates ranged from $742 with USAA to $929 with Homesite and higher-costs rates were more than $2,200 with Encompass and The Hartford. • For a sample brick house in Arlington, lower-cost rates ranged from $636 with USAA, to $678 with Homesite. You can read the rest of the article by clicking on the button below:
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