Home Insurance Articles
How Home Insurance Quotes Cover Multiple Properties
2010-06-25
Homeowners insurance is an essential part of any homeowner's suite of property protection. Along with things like deadbolt door locks, secure windows and weather-proofing options, homeowners insurance helps to protect a home in case of damage, theft, or even certain natural disasters. For many homeowners, using their insurance will be a once in a lifetime event, but not having it can make that event far more traumatic than need be. Although the premiums paid over time to a home insurance company add up to a substantial amount, having an excellent policy that will quickly address any immediate needs and follow up with long term care is well worth the cost. This holds true even if a homeowner owns multiple properties - perhaps a home in the city and a cottage at the lake, or even a home purchased for a family member or as a retreat in another city.
In a similar vein to car insurance, home insurance companies will often offer discounts for those customers that are interested in covering multiple properties with them. Typically, these are in the form of loyalty discounts and may be a certain percentage off the total premiums paid, or extra coverage for one or both properties. It can also lead to extra discounts if the company covers other property such as cars or recreational vehicles. The more property a homeowner chooses to insure with a company, the lower their overall rates will be.
It is important to bear in mind that each separate property will be covered under separate homeowners insurance. Each will be inspected individually, and will be assessed based on the findings of the inspector, as well as what is communicated to the insurance company. A cottage five miles down the road, while close to an original home on the policy, will have its own terms and conditions, as well as exclusions, and these may be significantly different than those on the original homeowner's insurance policy. As well, because the policies for any two properties are separate, they will have individual limits. If the limit for damages on one is reached, the coverage from the other cannot be brought over. While the two are together under one insurance company roof and overall policyholder name, the policies will always been separate and will be treated as such.
Insuring multiple properties under the same homeowners insurance can not only help to save money, but time as well. By consolidating insurance information, homeowners can ensure that they only have to make one call if something should happen to any of their properties. This organizational benefit, coupled with possible discounts for multiple policies, makes the prospect of multiple home insurance policies a smart choice.