It basically comes down to protecting your valuables! A standard homeowners policy generally covers four categories:
The structure of your home: if its damaged or destroyed by fire or most other natural disasters
Your belongings: if they're stolen or destroyed by fire or other insured disasters
Liability: if you, your family members, or pets cause damage to anyone else's property
Additional living expenses: if you have to live away from home due to fire or other insured damage
Do We Need It?
Not by law, but if you're getting a mortgage, your lender will most likely require it. Even if it's not required, do you want to risk losing the investment you've made in your home?
How Do We Get It?
Do a room-by-room inventory, taking photos of valuable items or make a video. Note products make, model and serial number, and include receipts and appraisals to the list. Make a copy of your inventory and store it with a relative or in a safe deposit box.
How Do We Choose?
Shop around; get quotes from at least 3 companies and compare them. The Insurance Information Institute can give you more info about companies, policies and other basics.
How Can We Save?
Get a higher deductible. The higher the deductible, the lower your rate.
See if you can get a lower rate if you buy your homeowners and car insurance from the same company.
Ask about discounts (for having home-security devices or for staying with the same company for a long time).
Most policies cover personal property even when you're not at home, like if your wallet gets stolen at the mall - make sure your policy is one of them.
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