Monday, September 9, 2013

Looking at different forms of home insurance coverage

For anyone who owns their own home - regardless if they still have a mortgage - homeowners' insurance is a must-have piece of insurance. Your home is probably the largest financial investment you've ever made and it's right that you should protect it. Consider what would happen to you and your family if there was a fire in your home and you weren't insured. How would you pay for medical expenses, damage to your home, or re-homing costs? Would you have enough spare money to pay for new carpets, rebuilding structural ruin, repainting walls and fixing harm caused to your personal possessions if your pipes were to burst during a particularly bad cold snap. There are different types of home insurance with differing levels of coverage - and prices. Your aim should be to obtain the highest levels of protection you can at the lowest price possible when purchasing home insurance quotes. For those who have older homes, keep expensive possessions in their home, or who live in certain parts of the country simply picking the most basic home insurance quotes isn't the most prudent idea. Types of Home Insurance Policies HO1 - Is the most basic form of home insurance and protects your home against fire, theft, and some other liabilities like explosions or civil unrest. It doesn't cover personal injury or personal property however. HO2 - Is more advanced coverage which covers fire, theft, damage caused by burst pipes, broken hot water heaters, and damage caused to the exterior of your home. It includes everything within the HO1 policy and several more liabilities. HO3 - Is completely comprehensive, Special Form homeowners' insurance and will cover you for almost any eventuality apart from damage caused by natural disasters, floods, or wars. You can add extras onto your policy such as Flood Cover to ensure you are protected during adverse weather events. Other types of coverage - HO4 to HO8 incorporates Tenants Form, Premier Homeowner, Condominium Unit Owners Form, and Older Houses cover which are all very specific types of home insurance for those looking for more bespoke home insurance quotes. How to Choose the Right Home Insurance Quotes Consider all the valuable possessions you own in your home and what you can afford to pay for out of your own pocket should something serious happen to your home or its contents. Think about which level of coverage suits your needs and how much you can afford to pay monthly or annually in insurance premiums. Another important thing to think about is the area in which you live. If you live in a state that is susceptible to extreme weather conditions like hurricanes, floods, and tornadoes you should consider the highest level of home insurance such as Premier Homeowner coverage when looking to buy a home insurance policy. Moreover, if you own a home in an area with statistically high rates of property crime and theft it is worth considering purchasing at least the most basic form of home insurance coverage.

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