A good homeowners insurance policy will completely cover your house and personal possessions in case of damage or theft, and protect you from lawsuits. Most people are woefully under insured when it comes to homeowners insurance, so the first thing you need to do is make a list of what you need to insure to make sure you cover everything.
House coverage - Find out how much it will cost to rebuild your home from a builder or an appraiser, then insure your home for that amount. Make sure your policy gives you the full replacement cost of your home.
Personal assets coverage - Personal assets are anything that is not part of your home - clothing, jewelry, TVs, etc. List all you personal assets and add up how much it will cost to replace them. Most policies offer limited coverage for luxury items such as jewelry, furs, and works of art, so you'll need to get a special endorsement known as a floater to cover these items.
Liability coverage - Liability covers your legal obligations for injuries and property damage caused by you, your family, or even your pets. Most policies offer a minimum of $100,000 coverage, but if you own a lot of assets you'll want to increase this coverage. It only costs about $40 to $50 more to increase it from $100,000 to $500,000.
Best Homeowners Insurance Rates
The easiest and quickest way to get the best homeowners rates is to go to an insurance comparison website where you can get rate quotes from a number of insurance companies. (See links below.)
Once there you'll be asked to fill out a questionnaire so companies can tailor your homeowners insurance to your specific needs. You can also enter the discounts you want.
Two discounts you should consider are:
Raising your deductible - Raising your deductible from $250 to $1,000 will save you up to 25% on your yearly premium.
Combining insurance - Placing your home and auto insurance with the same company will save you as much as 15% on your premium.
"I am saving half from what I paid to my old carriers!"
Jay Kim - San Diego, CA
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