Home Insurance Protection

By Compuquotes Team on October 16th, 2009
Homeowners Insurance

Is your home protected against loss from natural disasters? You may want to shop for insurance quotes for supplemental coverage.

Perhaps the worst attitude a home owner can have when viewing televised reports of fires, floods, earthquakes, and other acts of nature is to think, "It won't happen to me." That kind of naivet�� can cost you dearly.

Life happens and so do calamities. It's not that you should walk around in fear. Quite the contrary; you should rest easy if you're prepared for the worst. Wishing and hoping are often insufficient in the face of natural disasters. While losing a home and all your possessions can be heartbreaking, you'll certainly recover more fully and quickly if you've gotten insurance quotes and bought adequate coverage from a trusted company.

What Is Home Insurance?

When you take out a policy for your home and its valuables, you do more than purchase general insurance. A sound, all-risk home insurance policy provides adequate, itemized coverage of the structures on your property and their contents (valuables, art, furnishings, clothing, electronics, appliances, heirlooms, etc.). The real rub is in shopping around, gathering quotes, and finding an insurance policy that complements your current insurance, providing coverage against natural and man-made disasters.

Taking a home inventory of ALL your valuables and holding it against the terms of your current policy can help you gauge the extent of your protection. While coverage may include fire or flood damage, you may need a policy more directly applicable to your locale and its vulnerability to earthquake, high winds, hailstorms, landslides, hurricanes, and twisters. When looking at quotes and coverage you need to stipulate all the liabilities germane to your home and valuables.

Remember, standard home insurance may include the rebuilding of your property but exclude coverage of your most-valued possessions.

Comparing Insurance Quotes

Even though you have coverage as part of your mortgage through your lender, you may find that a supplement is absolutely necessary. If you own a rental home or vacation property, get quotes for it, too. It may require a completely separate policy if used for holidays only and remaining vacant for part of the year.

If you need supplemental coverage, you want to policy that is within your budget. Gather quotes from online companies or make several phone calls. Be sure you're including the associated risks and the values of your property, home, and possessions with each insurance company. Compare apples to apples. If you can't get a quote for free, move on to another company.

Be sure to compare what's included and which items are not. While one company may offer cheap insurance, it may not include particular harms or disasters, or it may not include high-risk items like home entertainment centers or computer equipment. Some insurance policies also cover out-of-pocket costs for lodging and food if you're displaced from your home.

It's prudent to realize that most homeowner's insurance policies do not cover damage cause by lack of maintenance. That's your responsibility. Your home is a huge investment. Be sure you've protected it as best you can.

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