Home Owners Insurance

Most home owners will immediately understand the importance of home owners insurance but really struggle with knowing how to get the best deal possible and avoid getting ripped off.

The best thing you can do if you’re assessing your situation or shopping around, is figure out the most basic home owners insurance package that you need then go to multiple companies and ask for quotes on it.

How To Know If Basic Home Owners Insurance Is Right For You

First off, if your home is being financed from a bank or mortgage lender, they will *require* you to have a home owners insurance policy and might even be picky about the details of your policy.

(After all, they’re spending their own money on your home so it makes sense that they want to protect their investment, right?)

What if my home is already paid off?

While having insurance might not technically be required on a paid off home, I *strongly* recommend having at least a very basic homeowners insurance policy.

What if there’s a terrible fire in your home and you lose everything? Without insurance you would need to have the cash to replace everything including rebuilding the actual home!

What Basic Home Owners Insurance Covers

Basic home owners insurance will typically cover your home from theft, damage and natural disasters.

Keep in mind there *are* plenty of exceptions! Many home owners, for instance, assume that they are covered for earthquakes and floods but this is typically *not* the case!

Make sure to really pay attention when you read your policy and talk to your insurance agent. Regardless of what an insurance agent tells you, what’s written in your policy is what you’re covered for… no more, no less.

How To Save Money On Basic Home Owners Insurance

On the other side of the coin, too many folks are paying far too much for coverage that they don’t actually need. There are plenty of smart adjustments you can make that will reduce your premium and keep more money in your pocket!<,p>

Do this first: The smartest thing you can do is make a quick list of all your possessions and attach a value to them.<,p>

Don’t worry about listing every single fork and spoon that you own, just keep the categories broad… i.e. Electronics - $8,000, Clothes - $3,000, etc. (Just estimate the value of your stuff as best you can… no need to spend hours and hours digging up pricing!)<,p>

Taking inventory of your possessions will help you determine just how much coverage you really need.

If all the stuff on your list were destroyed in a fire would your current policy be enough to cover it?

Many folks are insured for *way more* coverage than they need and will save great amounts by adjusting their policy.

Smart Homeowners Insurance Search