homeowner's insurance quotes:What Should You Know ?

2007-03-08 10:33:40

( Insurance )



Are you looking for an insurance quote? Whether a life insurance quote or homeowner's insurance quotes, you can find all the help you need online.

Today’s world is hectic and it is so important to make intelligent and informed decisions about your homeowner's insurance needs. Go online to find the best options for protected investments and homeowner's insurance quotes.

Disasters are inevitable. Unfortunately hurricanes, fires, earthquakes and floods are a common occurrence in today’s world. Man-made accidents and natural disasters are really not just possible but eventual. Think about your greatest asset – your home – and look into ways of cutting down on your homeowners’ insurance costs with online homeowner's insurance quotes.

Here are a few ways to cut costs:
• Combine your homeowner's insurance with your auto insurance. You can get a good discount.
• Check that you are getting all the discounts you are entitled to.
• Homeowner's insurance discounts could be available for
o fire alarms and smoke detectors
o non-smoking households
o burglar alarms
o a new roof, plumbing, heating or electrical system.
• Carry a higher deductible and get a significant discount.

But what is homeowner's insurance?
There are a lot of different types of policies in this respect – depending on the package you want and the riders or supplements you add. Before the 1950’s it wasn’t possible to buy a homeowners’ insurance package. Each element was bought separately.

Nowadays insurance companies are increasingly offering these different policies as one package. But be careful! Just because it comes in a package doesn’t mean it’s free. The more you add on, the more you pay. However, the higher your deductible is, the less the policy will cost. A deductible is the money you pay out before the policy kicks in.

Remember there is no necessarily uniformity amongst the insurance companies. Companies vary as to their coverage limits – so shop around.
What questions should I ask when I choose a homeowner's insurance policy?
1. How much will it cost per month?
2. Is there a deductible I must pay before the policy becomes effective?
3. What does and doesn’t the policy cover? As a consumer, knowledge is the best defense.


Actual Cash Value vs Replacement Cost
The type of policy you should ask for depends on your situation. You should be insured for its total value (this includes contents) with a policy for replacement cost. That is – what it would cost to completely rebuild your house today. In this case, depreciation won’t be deducted even for used and worn property.

If you insure for actual cash value, the policy will cost you less, but you will get less at a payout because depreciation is taken into consideration.

How much insurance do you need?
1. What is the total replacement cost of your home today? As a builder, appraiser or insurance agent for an estimate.
2. Are you protected for inflation? In many cases, the companies automatically adjust your payment upward.
3. Are you planning additions or renovations? If so, you will need more coverage.


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