Home Insurance Articles
Homeowners Insurance Checklist
2010-05-02
One of the most important things you can do when purchasing a home is to secure homeowners insurance as soon as possible. Without it, you could be held liable for any damages incurred by storms, break-ins or fire which can cost hundreds of thousands of dollars. Deciding which insurer to go with and which plan to buy can be a daunting task, so provided below is a comprehensive homeowner's insurance checklist to make the process easier and less confusing.
Pick Your Provider: First you will need to determine what issues your house may have that you will need coverage for. Do you live in a dry, fire-prone area? Is your house surrounded by trees that may fall during a storm? Different providers offer various types of coverage, so make sure you're getting what you need.
Choose Your Plan: You will want to secure enough coverage to completely rebuild your house if destroyed, as well as to replace anything in the house at the time. Also important is choosing a policy with liability coverage that protects you in the event that someone is injured on your property. Choose a plan with the highest deductible you can find, as this often means lower overall rates.
Check for Discounts: It is often advisable to purchase your homeowners insurance through your auto insurance provider as some give discounts for multiple policy holders. Other things that can score you discounts on your policy include deadbolt locks, a working sprinkler system, and multiple smoke detectors. Some providers even offer additional discounts for long-time policy holders or those over 55 years of age.
Think of Everything: Many people don't realize that homeowners insurance often doesn't cover homes in the event of natural disasters such as a flood or earthquake. You'll want to check with your insurer about what additional services they offer, and consider including all the coverage you can afford to avoid costly damages in the long run.
After You Buy: Make sure you keep your insurer updated on any changes made to your house. Adding storm shutters, restructuring landscapes, or installing a home alarm system can all affect your coverage and/or rates. Remember that maintaining homeowners insurance is a legal requirement for homeowners in some states, so be sure to pay your premiums each and every quarter.
Damage to your home is one of the most unsettling and distressing problems a homeowner can ever be faced with. The scope of repairs, the unimaginable costs, and the sheer energy spent fixing your home can be exhausting. This homeowner's insurance checklist provides easy ways to stay on top of your policy and make sure you are covered in the event of an emergency.