Introduction
Whether you are in the process of buying a home or you simply want to change insurance carriers, you will need to have a home owner insurance policy. This is a moderately simple task even though it can be somewhat confusing. After all, you want to get the best policy possible. Therefore, you want to make sure that it not only fits your specific needs but that it is also the best price that you can get. There are numerous places where you can look for a new home owner insurance policy today.
Step 1
The first thing that you need to do is to decide upon the amount of coverage that you actually need. In order to make sure that your home owner insurance will cover the entire claim you will need to carry at least 80% of the value of your home. Whenever you make a claim and are carrying a policy that covers less than 80% of the value of your home, the home owner insurance company is only going to pay for a percentage of your claim, not the entire thing. So, in order to get replacement costs, you will need to have an amount of coverage that is a lot more than the actual value of your home.
Step 2
Make sure to take some time to compare deductibles. This is the amount that you will pay out of your pocket before the insurance company will pay anything. The reason for this is that your home owner insurance company understands that there is a bigger potential for smaller claims to be made.
Step 3
Decide how much liability insurance you want to carry. This is what will cover someone in the event that they should happen to get injured on your property. The more coverage you have, the higher your premium is going to be. However, higher amounts don’t really cost that much more money. Therefore, it really is worth a better policy when considering high liability limits.
Step 4
Check to see if you need any riders on your home owner insurance. If you have an expensive collection, such as lots of expensive jewelry or other items that are more than what the average person would have within their home, you will need a home owner insurance rider. You will also need a home owner insurance rider under special circumstances. For instance, if you own a small home business, you will need a home owner insurance rider. Make sure to remember this whenever you go out in search of price quotations.
Step 5
In order to be able to easily acquire several quotes at one time, you should go online and check out a variety of insurance carriers there. This will save you a whole lot of time and make the entire process a whole lot easier for you. Just make sure that the policy basics are the same whenever you are using different quote services. Otherwise it will only take a few minutes to plug in your information and receive a comparison rate for many different companies all at the same time.
Tips
Check with your life and car insurance company to see if they offer discounts for having more than one type of policy with them.
Sources and Citations
none
