Oh, Give Me a Home, Where the Home Insurance Quotes Roam
Are you like me - do you love talking about insurance? Well, who
doesn't really? So let's talk home insurance, and what you need
to know when you get a home insurance quote.
Do you own a home? Do you plan to? You are not required by law
to have insurance on your dwelling, but if you carry a mortgage,
your lender will most likely require it. If you don't have or
need a mortgage (please, please, tell me how you did that! I am
but a poor scribe), it remains a wise decision to protect your
investment with insurance. Gather up your information and get a
reliable home insurance quote.
How do I go about getting a home insurance quote?
For those of you who have read my other delightful yet poignant
insurance articles, you know that I always recommend using a
reputable insurance agent. No, that is not an oxymoron. And no,
I am not an insurance agent myself. When you need electrical
work, do you not call an electrician? Or plumbing work, a
plumber? When you want to know the ins and outs of riders,
floaters, and umbrellas, call a pro. Get a professional home
insurance quote from someone who can meet with you, and address
your specific needs.
So once I find one of these "shady" insurance agents, what
should I tell him?
Now stop it! They're not all shady. But here are some issues
that you might want to discuss with your agent as he prepares
your home insurance quote: 1. Coverage for the structure of your
home 2. Coverage for your personal belongings 3. Liability
protection 4. Additional living expenses in the event you are
temporarily unable to live in your home because of a fire or
other insured disaster (e.g. rivers of blood, plagues of frogs).
Most people are aware of the first issue - watching the news, we
see homes destroyed by things like hurricanes or earthquakes and
realize we need to insure the structure itself - but what about
the other three? If you live in a home, odds are pretty good
that you also own "stuff" that you keep inside your house. This
should be insured as well. Many companies will cover your
personal belongings for 50%-70% of the amount of your policy.
This means if you have $100,000 worth of insurance on the
structure of your home, you would have between $50,000 to
$70,000 worth of coverage for your belongings. If you have more
expensive stuff, like a Renoir, Monet, or Grandpa's gold teeth,
you may want to purchase a floater to cover the difference.
What do I need liability protection for? Isn't this just another
scam so my agent can produce a larger home insurance quote, and
get a bigger commission?
Well, it could appear thus, but remember - insurance is
protection against the unforeseen. Liability covers you against
lawsuits for bodily injury or property damage that you or family
members cause to other people (I didn't mean to shoot Joey with
that BB gun, Dad), and the liability portion of your policy pays
for both the cost of defending you in court and any court awards
- up to the limit of your policy, of course. Your policy also
provides no-fault medical coverage. In the event a friend or
neighbor is injured in your home, he or she can simply submit
medical bills to your insurance company.
Okay, okay, and the additional living expenses?
Well, what if your house is gone? What if a twister takes it to
the Merry Old Land of Oz? Where are you going to live? This part
of your coverage pays the additional costs of living away from
home, if you can't live there due to damage from a fire, storm
or other insured disaster. It covers hotel bills, restaurant
meals and other living expenses incurred while your home is
being rebuilt. Although coverage can vary, and will depend upon
the home insurance quote you received, many policies provide
coverage for about 20% of the insurance on your house. You can
increase this coverage, as well, for an additional premium. Make
sure your home insurance quote details this for you.
Anything else I need to know before I get my home insurance
quote?
There's tons of stuff. But I can't address it all in this
article. However, consider these things as well when your agent
gets your home insurance quote for you (you do now have and
agent, don't you?):
-What type of home insurance quote do I need for a co-op or
condo? -What types of disasters are covered? -What's the
difference between cancellation and nonrenewal? -How can I save
money? -What information do I need to provide to my agent so he
can provide me with an accurate home insurance quote? -What if I
can't get coverage? -How often should I review my policy?
Your agent can help you with these and other questions as he
prepares your home insurance quote for you. See, now...wasn't
that fun?