Your home says a lot about you – your family, your interests, your wealth, your values – all reflected in the place you choose to live. So, by buying Home Insurance, you’re buying lifestyle insurance, guaranteeing that even if the worst happens, you’ll be able to rebuild your home and your life.
Purchasing home insurance is probably one of the most important decisions you’ll ever make. Hopefully, you’ll never need it, but making the right home insurance decision now can prevent an unfortunate incident like a fire, flood or other loss from becoming a disaster for you and your family.
A standard home insurance policy covers the structure of your home and your personal belongings, as well as providing liability protection and compensation for living expenses if you are temporarily unable to live in your home because of a fire or other covered claim.
When buying a Home Insurance Policy, don’t be afraid to ask your insurer questions about what the policy covers and what is excluded from coverage. Many a homeowner has filed a claim thinking a loss was covered, only to find out the fire, water damage or mold they reported was excluded by their home insurance policy.
The most common exclusion to home insurance policies are floods and earthquakes, so if you live in an area prone to these events, make sure you have coverage for them. Other common exclusions to home insurance policies are neglect, intentional loss, earth movement and general power failure. Lawsuits between home insurers and insureds regarding exclusions related to mold have become common in recent years as research has revealed that a number of deadly illnesses can be caused by mold in the home.
Nail down exactly what the policy covers to make sure you’re getting what you think you’re paying for.
Also, before you purchase a home insurance policy, make sure you know how much your house is worth, and its replacement cost. You’ll need to purchase coverage that matches this amount.
Be sure to ask about home insurance discounts. Many insurers offer discounts to reward behavior that reduces risk. Homeowners pay an estimated extra $300 million per year for home insurance, just because they neglect to ask about discounts.
Remember to research your insurer before buying a home insurance policy. Does your insurer have a good service record? Does your insurer offer the lowest price for the best home insurance value? Asking this question now can save you money and aggravation.
Also, keep documentation of all the valuable personal possessions in your home. Most home insurance policies provide coverage for personal possessions, so keeping track of them will keep you from getting hosed in the event of a loss.
Your home is your greatest investment and something more – the most direct reflection of your life. Protect it by buying the correct Home Insurance Policy.
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