Homeowners insurance is important to carry because it insures your home AND the things you keep in it. Damage caused by most disasters is covered, but there are a few exceptions such as floods, earthquakes and poor maintenance. Additional policies are required for floods and earthquakes, and proper maintenance is the homeowner's responsibility. Also covered is protection against liability for accidents that injure other people or damage their property.
Tips for Purchasing Homeowners Insurance
Call for insurance quotes early. The age and location of your new home will be a factor in the cost of your insurance policy. Please notify the title company once you have selected your insurance carrier.
· Insure your new home for its full replacement cost. (See what is required by the lender.)
· Many insurance companies offer better rates if a home has modern heating and electrical systems, smoke detectors, security systems, & dead-bolt locks.
· Make certain your policy indexes the replacement cost to the actual regional increases.
· Be aware that valuables such as fine art, jewelry, furs, coins, etc., might need additional or separate coverage.
· Investigate your options. Umbrella, disability and mortgage disability insurance may be helpful.