Whether you own or your own home or rent, you know that having homeowners insurance is absolutely necessary.
Your bank or mortgage company will require you to have coverage.
And if you’re renting it still makes sense to have a policy to protect against possible loss or damage of your personal property.
But how can you get the policy you need while paying the best possible price?
First, it comes down to understanding what your homeowners insurance covers. This type of insurance covers will insure your building, your family, valuables, furniture and electronics from loss or damage due to theft, storm damage, fire, and accidents. And your policy will typically cover the cost of repairs or replacement as well.
Getting the right policy
When getting home insurance (or when looking for a better deal) you need to be sure that you understand fully exactly what the policy covers.
Policy specifics differ from company to company, and the cheapest option is not always the best value option or the most suitable option for your situation.
While home insurance in Philadelphia usually protects you against the more common accidents and events, there are a lot of things less likely to happen that are not covered at all by the insurance. Some policies will insure you against a whole range on unlikely events such as war or certain types of natural disasters that you may not need coverage against.
And if you did want coverage for these special cases you can usually take out a separate policy to protect yourself, or occasionally you’ll find you can pay for a rider on top of your home insurance.
Generally, there are 3 main types of home insurance coverage…
As the name suggests, this type of home insurance covers anything to do with your building. If there’s ever a structural problem with your home, this policy will cover the monetary value of repairing and fixing the problem.
This is a good policy to own if you are a landlord and you do not live in the property you’re insuring (however, it’s a very good idea to get a landlord policy for liability coverage to protect you against “slip and fall” claims).
Buildings only home insurance also includes permanent fixtures such as mirrors fixed on the walls, etc.
Structural repairs can easily rack up a huge bill if the problem is left unattended for a long time. This makes building insurance even more essential if you’re a homeowner. The first thing you need to do when looking at quotes for buildings only insurance is to find out how much it would cost to rebuild your house.
Many people opt to buy insurance for the contents of their home.
This is typically a good policy to have when you’re renting the home you and your family are living in. Contents only insurance covers your personal property in the event that your house is burgled, or your home is damaged by more natural occurrences such as fire or flooding.
Before you make the decision on whether to buy content insurance, you should first do a quick tally of how much everything costs in your house. Most home owners are surprised when they start counting up the contents of the house, and find that the bill to replace everything adds up quite easily.
Buildings and contents insurance
You guessed it… buildings and contents insurance includes the policies from both types of insurances.
For most homeowners this is the best coverage to have and offers you the maximum protection for your home you need to take out a buildings and contents insurance.
As with all other types of insurance policies, you need to make sure you understand what you are and aren’t covered for with every policy and quote you get. If you want something extra in your policy many insurance companies also offer policy riders such as accidental damage coverage, home emergency legal protection cover or personal possessions cover.
Depending on your requirements, these might be something to opt for.
At the end of the day to get the right coverage for the best price it makes sense to speak with a local agent who can help you get the policy you need while paying the least amount for your insurance.
Does that make sense to you?
Get a homeowners insurance quote today
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