The Home Insurance Guide

Are you in the market for new home insurance? Whether you are a first-time home buyer or a seasoned insurance shopper, you should regularly research and review your home insurance policy. New owners will need to know their policy rates in order to budget for future expenses. Established owners want to review their current policy to make sure that their valuables are appraised at current market value and ensure that their coverage meets all their needs. Read the home insurance guide to learn more about home insurance coverage and what it can mean to you. Our home insurance guide covers the basics of home insurance, as well as some notable remarks that can help you with your research.

How do you know if you have the right type of policy for your home? Research. Talk with a number of agents and do your homework online. You can read on the latest policy requirements and coverage options to see if recent changes in the insurance industry affect your current policy. You might need additional coverage for natural events such as earthquakes or flash floods. Are you worried about a hurricane or tornado? Ask your insurance agent about wind, water and flood damage that can occur with these natural disasters to protect your assets.

If you have a loan with a bank or other financial institution, you will most likely be required to have home insurance coverage. Most homes are required to have a HO-3 policy for their house, but there are other permissible coverage policies that home owners can entertain for their coverage needs. Of course, all of these insurance options offer different rates for the policy holder.

HO-3 coverage is the most popular insurance policy. This policy coverage will include a range of protections, including the house structure and its contents against all perils except those specifically excluded in the policy. These excluded perils can be added by the owner at their own discretion.

What are some instances that are covered by most insurance policy options? The coverage includes:

• Fire or lightning damage
• Windstorm or hail
• Riot
• Smoke
• Vandalism
• Theft
• Falling objects
• Ice, snow and sleet damage due to weight
• Damage from plumbing, heating, air conditioning or automatic fire sprinkler system
• Explosion
• Volcanic eruption

Review your individual policy coverage items to ensure that your home, its valuables and inhabitants are safer with the coverage of your choice.