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Best Homeowners Insurance Guide

best homeowners insurance guideThe Insurance Information Institute urges consumers to review homeowners insurance policies at least twice a year. This is especially true when you are coming up with a renewal of a policy. Sometimes we tend to think that we’re not missing out on things and we just renew insurance polices.

But industry insiders caution consumers to check out everything about your insurance coverage at least twice a year. Here are some questions that the best homeowners insurance guide urges you to ask yourself when reviewing your homeowners insurance policy:

Discounts – Do I get or receive all discounts that are available to me?hoi-6

Comparison – Do I need to get other house insurance quotes for comparison?

Changes – What are the changes, if there are any, that has been made to my coverage? Is it to my benefit?

Deductibles – Are there separate deductibles for certain risks that are included in my policy? Does my policy allow me to increase my deductible so that I can lessen my premium rate?

Personal possessions – Have I included all my valuable possessions in my coverage? Did I forget something? It is your chance to double check if you missed out on some of your important possessions and include them.

Liability – Is there a need for me to increase my liability coverage?

An opportune time for you to review your policy is when you make major improvements to your house or when you buy major items, equipment or appliances that are not previously included in your policy coverage. For instance, if you have just added a room or expanded your kitchen or bathroom. You may have also built a balcony or perhaps you have bought a high-definition LCD TV or state-of-the-art home theater system. These additional appliances, structures, or improvements were not insured in your previous policy therefore any loss or damage that may be incurred cannot be claimed because it was not part of your original coverage. The same thing goes if a member of your family receives valuable gifts such as laptop, artwork or painting, or set of jewelry then it would be wiser for you to increase your insurance to cover these gifts.

Another great time to review your policy is when you install a fire alarm or perhaps a burglar alarm to make you house safe. It could be an opportunity to qualify for new discounts that you may apply for when you renew your insurance policy because insurance companies reward policy owners that have safety features installed in their house. Other upgrades or improvements that qualify for discounts would include that of electrical, plumbing or heating systems. Be sure to keep you insurance agents or insurance companies aware of these upgrades so they can assess and apply your new discount on your next renewal.

Difference of homeowners insurance and home warranties:

Both homeowners insurance and home warranties are designed to help in cases of loss or damage on both the home’s structure and personal property. The difference is that in general a typical homeowners insurance policy covers loss or damages on your house, structure and personal belongings loses occur. A home warranty provides replacement or repairs on appliances and other contents that have been damaged or destroyed. The home warranty only offers the replacement or repair for those items that are covered under your home insurance policy.