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Homeowners Insurance 101

  • What is Homeowners Insurance?
    • 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.

Read more here!

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