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How to Buy the Right Home Insurance Policy

Home Insurance Policy
Buying a home is an expensive investment, but the feeling you’ll enjoy when you are safe in your new home is priceless. When it comes to picking out the right home insurance policy for your new purchase, don’t let the policy details dull your moment to shine. With just a few simple tips and tricks, buying the right home insurance policy can be as easy and exciting as walking across your new welcome mat for the first time.

Go Company Shopping

There is no one size fits all when it comes to home insurance. In order to get the policy perfect for you and your family’s needs, you have to do a little research. If the thought of hours upon hours of internet surfing scares you, fear not! Most insurance sites can give you policy quotes in minutes and a quick phone call to the company can have you a quote just as fast.

When looking at the policy, make sure to take note of all the details. The best way to keep up with all this new information is to make a chart you can easily turn to for a thorough and quick comparison. Try making an excel chart that lists the company name, deductibles, whether the policy uses replacement cost or cash value, discounts, and the cost for each kind of protection you are looking for.

Look At Your Location

Speaking of protection, your location is going to play a big part in determining your policy checklist. Even with as much research as you do picking a company, the companies do that much more, looking at the size, history, construction, and condition of your home, as well as surrounding landmarks, such as high-ranking fire stations.

The geography of your home’s location is a significant factor as well. Insurance companies will go through every possible risk with a fine-toothed comb and consider every possible scenario. Homes closer to the ocean will likely need higher hurricane and flood insurance, ones in California will need higher earthquake and fire insurance, and homes farther north will likely have the weight of ice or snow and sudden freezing listed as perils on insurance policies.
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Don’t Ditch The Discounts

Who doesn’t love a good discount these days? Now, you probably won’t be able to find them in the Sunday coupon section of the newspaper, but they are definitely out there. Many home insurance companies are happy to give out discounts if it means they get a new customer.

When making your phone calls and finding out about insurance quotes, make sure to take a few minutes to find out what money-saving opportunities they have available. Some companies will list these insurance discounts online, but sometimes you have to ask someone about them. Depending on where you live and the company you ultimately choose to commit to, you can receive discounts for bundling your auto and home insurance, installing certain kinds of locks and/or security systems, making home improvements, living in a gated community, and even not having any smokers in the home.

Get Only The Coverage You Need

Remember that information chart mentioned earlier? You can also use that to keep a running checklist of the policy items you are specifically looking for in home insurance. While it is crucial to have adequate insurance and cover all your bases, do not let insurance companies bully you into buying more than you need. After all, nobody knows what you need better than you (as long as you do your research, of course).

Before purchasing a policy, take a home inventory so you know the value of your possessions to prevent overpaying for insuring your belongings. You should also make sure to report any and all home improvements and consider increasing your deductible so that your annual premium is cheaper. Also, consider other types of coverage, such as dwelling, other structures, personal property, and liability.

Personality Matters

Having the cheapest premiums and highest discounts is not always the way to go. Look into reviews of the company to see how others’ experiences have measured up. Websites such as offer reputable reviews and recommendations. Once you have your companies narrowed down, schedule a time to meet with some representatives in person. At the end of the day, you want to put the future of your home in the hands of a company you can trust.

Get Started

Buying a home can be a complicated process, but it definitely does not need to be stressful. An investment of this size creates an even bigger and more invaluable reward. With these tips and a set plan, the reward for this process will leave you snug as a bug in your brand new home, safe, sound, and secure.

Author Bio

Gary Anderson is a freelance writer from Los Angeles, California. With over 10 years of experience writing for many different industries, including insurance, he is an accomplished and published writer and editor. In his free time, he enjoys gardening.

home info

Is Landlord Insurance All that Different from Standard Property Insurance?

Even at the best of times, insurance can be a tricky and complicated business. Even when it comes to property insurance, you might be surprised how few people actually understand their insurance policy and are not quite sure what they are covered for. Indeed, deciding on an insurance policy for an investment property is no picnic, even more so if you’re going to be renting it out.

So where do you start if you have no experience? Some first-time landlords don’t completely understand the difference between landlord insurance and standard property insurance. Some may even think that they can get by fine by just getting property insurance, the thinking being that this basically covers anything that could go wrong and damage the house/property anyway.
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But in reality, there are obviously a number of differences between these two categories of insurance that make it a considerable risk to ignore landlord insurance. Let’s take a look at a few of the differences and why landlord insurance is so important.

Why are their differences between the two?

It’s important to note that landlords have different insurance needs than homeowners, who are usually living in and own the property. This stems from the fact that each has different responsibilities, expectations and risk factors. For obvious reasons, a landlord has a higher level of risk than a tenant – more things can potentially go wrong.

For this reason, landlord insurance policies are essentially property insurance policies, with some added features or policy elements on top.

What are the additional policy elements?

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One of the major risk factors that exist for a landlord is the uncertainty surrounding the tenant(s), which is part of the reason you need to select them so carefully. If a tenant is unable or unwilling to pay rent, suddenly a portion of your income is lost. Income protection, which is a feature of landlord insurance, covers you for this loss amount as well.

The potential is also there for a tenant to damage the property and/or contents therein, either accidentally or deliberately. If a homeowner damages their own property, it’s usually up to them to pay for repairs, however, in the case of a rental property, most landlord insurance policies will cover for damage by tenants.

Another consideration is the fact that as a landlord, you are responsible for the tenant’s safety (obviously this is true up to a point). If a tenant is injured or worse as a result of your negligence or something that needed fixing in your home but was not, you may be held responsible. Property liability insurance ensures that you are covered in these cases from any payouts that may be forthcoming.

Lastly, a good landlord insurance policy will cover legal costs that may come up as a result of a disagreement between the two parties. This can be a costly, long and tiresome process in most cases, so is generally avoided if possible. However often there is no resolution – again this goes to show how important it is to choose your tenants carefully.
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If you are a first-time landlord, landlord insurance is a must. Obviously, the best advice is usually to get a few investment property insurance quotes as well as looking at landlord insurance options, and figure out which minimises your risk the most relative to the cost. You may find that having two policies that cover different things may be more cost effective than investing in only one. Do your homework and you’ll be fine!

Author Bio:

David Nicoll is a freelance writer and an independent blogger who writes for insurance, rental properties insurance and landlord insurance related articles.