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Home Insurance

Eight Key Points to Success in Buying Home/Renters Insurance

  1. Remember that home insurance is a necessity. You need home insurance to cover liability for accidents that could occur in your home or apartment. You also need to protect the value of your furniture, household equipment, TVs, Computers, DVDs, etc., and other personal belongings.
  1. You can save money by shopping around for home insurance. Check out the possibilities online, at the library, in the newspaper, the yellow pages, or through state insurance departments, as well as what insurance agents have to offer. Ask family and friends for recommendations for insurance agents and companies. Your car insurance agent might even offer a discount for handling both types of insurance.
  1. Decide what type of coverage you need. Home insurance coverage varies according to numerous factors. Most policies cover things like fire, theft, windstorms, hail, lightening, and vandalism. They also may offer additional living expenses and medical payments as well. And, there are supplemental insurance policies that cover additional perils. Decide what you need.
  1. Decide whether you want to cover the actual cash value of your possessions or what it would cost to replace them. The actual cash value after depreciation won’t enable you to replace what you have lost in case of a disaster. If you go with coverage that enables the replacement of your valuables, the cost will be higher than if you go with insurance that covers the actual value after depreciation.
  1. Determine what amount of deductible you are willing to pay if you need to make a claim. The deductible is the amount you must pay out of pocket on each claim you make. Higher deductibles mean lower premiums.
  1. Be sure to read the fine print. Be aware of what you are committing to and what the insurance company is committing to. You don’t want surprises.
  1. Remember to review your insurance needs yearly. Things change; we all acquire new possessions and get rid of old ones. We need insurance that covers what we currently have. Also, insurance companies offer new policies, discounts, etc., that may be financially beneficial.
  1. Keep all documents in a safe place. Make sure you can find necessary phone numbers, policy numbers, and the actual documents in case of emergency. You don’t want them lost in a fire, flood, or other disaster.

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