Can anyone guide me about home insurance?

**snafu** · 05-24-2012, 07:36 AM

Are you seeking information on homeowner's insurance or rental? There are several segments specfic to your circumstances and location. 'Homeowner's' basic coverage is Structure, Contents [Replacement Value], Liability [to others] and temporary Living Costs. You also insure any other 'Structure like garage or Storage shed. Do you need Earthquake, Flooding and I suggest Water Seepage & Sewer Back-up added to basic coverage? Do you require the addition of a 'Floater' for big ticket items {jewelry, art, antiques etc}?

Ask and understand the Claims Process as there are many different processes and timetables. What is required for proof of ownership. How many days to get a cheque? What discounts are you eligible for? Multi policies,no claim, alarm system, fire extinguisher etc? You need a process to keep up with inflation as building costs for material and labour can rollercoaster.

You need to fully understand the cost per square to to build in your location as you are insuring only the buildings on the property...you are not insuring the land these structures sit on to select the value of the policy without wasting money by overspending on coverage. You need to decide the insurance deductible you can live with as the higher the deduction the lower the insurance premium. Some insurers offer monthly payments but charge a fee so it if often cost effective to pay annually.

There is a ton of information available on-line and you can set a criteria and compare premiums. Personally I recommend using an Insurance Agent who shops your policy to all the Re-Insurers for the best price. I find that more cost effective than the big, well known companies who spend billions on advertising.