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Why should I buy home insurance?

Buy Home InsuranceHome insurance is one of the most important products you can buy for your house investment. Whether your home is new or old, home insurance gives you financial protection against fire, theft, and various damage.

Furthermore you can purchase additional insurance that will provide you with even more security. Compared to the benefits provided by it, home insurance is a relatively inexpensive cost especially when coupled with discounts and other savings.

Read on to learn about the need to buy home insurance coverage and then compare free home insurance quotes – just enter your zip code above!

The Need for Home Insurance

One of the most expensive assets you will ever own is your home and home insurance is available to protect that asset. Without home insurance you are at risk of losing your entire investment. With home insurance, you can be covered for a wide range of incidents, from accidental water damage in your kitchen to complete devastation resulting from fire.

Another reason to buy homeowners insurance coverage is to meet lender requirements. All lenders require home insurance to protect their investment in your home. Since most mortgages are 30 years old, you can expect to have home insurance for at least that long. Once your home loan is paid in full and you own your home outright, you are no longer required to buy home insurance.

However, since the value of your home will still be worth protecting, you may want to keep your home insurance policy.

Types of Home Insurance Coverage

There are many different types of coverage you can purchase for home insurance, ranging from the very basic to broad coverage. In addition, you can buy additional coverage and special riders as needed. For example, you can increase your coverage limits, add extra insurance to cover jewelry and furs, or buy insurance that will specifically protect dog owners against dog bites and attacks.

The most basic coverage is HO-1 and offers coverage for damage incurred by fire or lightning. HO-2 coverage is broader and covers a variety of occurrences. In addition to the elements covered by HO-1, with HO-2 you will have coverage for damage caused by explosions, hail, and windstorms.

This broad home insurance coverage also financially protects your personal property from vandals and thieves. Other accidental occurrences such as a tree falling on your roof, snow collapsing your balcony, or your plumbing bursting and causing water damage are also covered under broad insurance policies.

The most common home insurance is HO-3, which includes coverage for almost all perils. The only exceptions relate to specific incidents that are named in the policy. For example, HO-3 does not usually cover floods, so if you want flood insurance you have to purchase a separate flood insurance rider.

As homes age the replacement policy on your insurance may change. Certain elements of an older home cannot be replaced with the same materials, so having a HO-9 policy on an older home assures you will have equivalent substitutes when needed. For example, if your walls are damaged and need to be replaced then the old plaster would be replaced with new drywall.

Tenants and Condominium owners are also able to purchase home insurance. Tenants have a HO-4 insurance option which provides insurance for personal property as well as personal liability. Condominium owners can buy HO-6 which provides them with personal property and personal liability as well as items that are not covered by the condo association insurance policy.

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Saving Money with Home Insurance

You can save money buying home insurance by shopping for different rates from various insurance providers. Be sure to find out what kinds of discounts are available from each provider. If you have an auto you may be able to qualify for a multi-policy discount just by putting both policies with the same provider. Usually this will result in a double discount, as your auto will then qualify for multi-policy savings as well. Other discounts may apply if you install security features in your home, such as an alarm system or smoke detectors.

An easy way to reduce your home insurance premium is to raise your deductible. The higher your deductible is the less you will pay in annual premiums. For example, if your deductible is $500 and you pay $600 per year for your premium, you may be able to save more than $50 every year by changing your policy to reflect a $1000 deductible.

If you never use your home owners insurance then you will see a benefit to the deductible change within ten years. Although ten years may seem like a long time to recoup your savings, when you consider your home insurance policy is going to be in effect for 30 years to a lifetime it can be a substantial return.

Home insurance should not be disregarded because of price. If you shop around you can usually get a decent annual rate that will be in line with your budget and still provide you with valuable insurance.

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