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Property Insurance - Don't Get Confused Getting Quotes

Published Tuesday, September 2, 2008 by bloggerblognet4542 | E-mail this post

If you are shopping for property insurance for your home, here are some things to keep in mind about getting the right coverages. This could also save you some money.

Although property insurance is the term many people use when talking about insurance for their house, it's really homeowners insurance, which is a type of property insurance. The only reason to bring this up is to make sure you do not confuse what needs to be included in the coverage amount.

Home insurance typically covers your primary dwelling (your house), outlying structures such as sheds, personal possessions, personal liability to others and living expenses if for some reason you can't live in your home due to a claim.

It does not protect your land, or as some people like to refer to their "property." Basically, the dirt does not need to be insured. So don't use the total price you paid for your home as the coverage amount because this price probably includes the cost of the land your house sits on. If you do include that amount, you'll be paying for a higher coverage amount than you need.

Living expense coverage amounts are usually set by the home insurance company. Personal possessions are generally a percentage of your dwelling coverage amount. Liability is usually a standard minimum amount such as $100,000 which can be increased.

So you just need to determine the cost to replace your home if it's a total loss. This is basically the cost of reconstruction. This is another reason why you don't want to use the price you paid for the home; construction costs and home values may have changed since then.

A quick way to estimate this cost is to multiply the square footage by local building costs-per-square-foot. You can call a local real estate agent or home builders association and ask for this information.

Of course if you already have home insurance, you can use your existing coverages from your policy declarations page to get quotes.

To save money, it's important to comparison shop because rates vary from one company to the next. An easy and fast way to do this is to use a comparison site. An insurance comparison site will give you several quotes back from different companies and you only need to fill out one online form.

Also, consider raising your deductible and taking advantage of all available discounts as additional ways to save money.

Free property insurance quotes

Justin Scott is a free-lance writer. He recommends the comparison site LowerYourInsurance.com to get up to 5 free homeowner insurance quotes. The site also features tips about saving on home insurance.

Blogger BlogNet23975

Property Insurance - Don't Get Confused Getting Quotes

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Blogger BlogNet23975: Property Insurance - Don't Get Confused Getting Quotes

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