Your Basic Guide To The Best House Insurance Quotes

Article by Bo A Miller

When should one review their house insurance policy? When should you get other house insurance quotes? What are the things that you should consider when you review your policy? What is the difference between a house insurance policy and house warranty? It pays to ask because you become aware of the things that you need to know, this knowledge saves you a lot of time, money and effort.

Reviewing your house insurance policy

It is recommended by the Insurance Information Institute that one should review their house insurance policies at least twice a year. This is especially true when you are coming up with a renewal of your policy. Sometimes we tend to think that we are not missing out on some things and therefore we instantly renew and pay our insurance renewal bills. You need to check out everything about your insurance coverage. Here are some questions that you may want to ask yourself and eventually clear or confirm with your insurance agents:

Discounts – Do I get or receive all discounts that are available to me?

Comparison – Do I need to get other house insurance quotes for comparison?

Changes – What are the changes, if there are any, that has been made to my coverage? Is it to my benefit?

Deductibles – Are there separate deductibles for certain risks that are included in my policy? Does my policy allow me to increase my deductible so that I can lessen my premium rate?

Personal possessions – Have I included all my valuable possessions in my coverage? Did I forget something? It is your chance to double check if you missed out on some of your important possessions and include them.

Liability – Is there a need for me to increase my liability coverage?

Another opportune time for you to review your policy is when you make major improvements to your house or when you buy major items, equipment or appliances that are not previously included in your policy coverage. For instance, if you have just added a room or expanded your kitchen or bathroom. You may have also built a balcony or perhaps you have bought a high-definition LCD TV or state-of-the-art home theater system. These additional appliances, structures, or improvements were not insured in your previous policy therefore any loss or damage that may be incurred cannot be claimed because it was not part of your original coverage. The same thing goes if a member of your family receives valuable gifts such as laptop, artwork or painting, or set of jewelry then it would be wiser for you to increase your insurance to cover these gifts.

Another great time to review your policy is when you install a fire alarm or perhaps a burglar alarm to make you house safe. It could be an opportunity to qualify for new discounts that you may apply for when you renew your insurance policy because insurance companies reward policy owners that have safety features installed in their house. Other upgrades or improvements that qualify for discounts would include that of electrical, plumbing or heating systems. Be sure to keep you insurance agents or insurance companies aware of these upgrades so they can assess and apply your new discount on your next renewal.

Difference of house insurance and house warranty

Both house insurance and house warranties are designed to help an individual in casesof loss or damages against perils to your house, structure, personal possessions. The difference is that in general a typical house insurance policy covers loss or damages of your house, structure and personal belongings when unfortunate events happen. While a house warranty proposes replacements or repairs for your appliances and other contents that have been damaged due to the normal wear and tear. The house warranty only offers the replacement or repair for those that are covered under your house insurance policy.

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Finding The Best House Insurance Quotes

Article by Bo A Miller

Getting the best house insurance quotes also entails some tasks that you need to accomplish. These tasks are really straight forward but are sometimes taken for granted. Don’t you hate it when you request fora quotation and the agent begins asking you all these questions that take forever to answer. In order for you to save time and to get a more accurate quotation, here are two important things that you need to prepare yourself for. This will make getting your house insurance quotes a breeze.

1. Prepare Your House Inventory

Why is there a need to list all the important contents of your house? This is for the simple reason that you will need to determine your valuable items, appliances, pieces of furniture, gadgets, electronics, jewelry, collectibles and other investments that you need to have covered.

At the same time, you will also need this list when you file for a claim. It is not a requirement by the insurance company but it is for your own protection. This list will remind you of all the items that you have lost and therefore it would be easier for you to report everything to the insurance company. This will make your life easier because having a complete list will speed up the processing of your claim.

When you do your house inventory, make sure that you account for high-value items such as collections, pieces of jewelry or furs. These items have a corresponding coverage limits. At this point, you may consult your insurance representative if you have adequately covered these items or if you need to have an endorsement in order not to leave it under insured. If you can include the serial numbers of items and the official receipts then it is much better. You may also take pictures of items with family members so as to have a strong claim of ownership.

2. Prepare important information that you should provide your insurance agent – When getting a house insurance quote, you will be asked for some information and preparing it beforehand will make for a faster time in receiving a quotation. Be sure to have the following details ready:

– Details about your house. What is the construction type? (Is it made of wood, bricks, or cement?) What is the age or how old is the house? (Is it a 10-year old houseor a newly manufactured house?) How big is the house in terms of square footage? Are you the primary or secondary owner of the house?

– The amount of liability coverage you want to purchase. Do you want to purchase a liability coverage worth M or higher?

– The state of your electrical, plumbing, and heating systems. Have they been upgraded? Are they newly fixed?

– What is your house insurance claim history? Have you filed one in the past 5 or 10 years? What were the instances?

Bear in mind that the more accurate information you provide would also mean receiving a more accurate quotation. Any information you provide will be the basis of the insurance company in computing for your premium cost.

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