Health insurance and auto insurance are mandatory for individuals to carry, leaving them little choice aside from complying with laws. Home insurance isn’t required by law, but is nonetheless of great importance to anyone who owns their own home. This coverage protects homeowners from financial destruction in the event that disaster strikes. Many misconceptions exist around the homeowners insurance policy, but those myths are broken today and you can begin the process of finding good cheap home insurance at once.
Home Insurance is Expensive
So many homeowners are without coverage under the false belief that they’re unable to afford one of these expensive policies. The truth is, home insurance is fairly affordable and there are many ways to keep the costs down. Location of the home, credit score, deductible amount, and the company that you’re insured with all impact the costs of your policy. Request quotes from three or more companies and compare prices to ensure that you aren’t spending more for your policy than necessary.
Exaggerate Your Losses
If you need to file a claim against your insurance policy, do not exaggerate the losses that you’ve incurred, no matter how tempting it might be. If the insurance company thinks that you’re adding the amounts of the claim, things will quickly turn sour and they don’t trust anything that you tell them. It will slow down the entire claim process and cause far more hassle than what it is worth.
Market Value Rules
Do not attempt to cut yourself any breaks by basing your coverage needs on the value of the home. Instead, insure the home according to the costs to rebuild or replace, especially if you reside in an area with rising real estate prices. This decision ensures that the proper amount of coverage is in place, just in case.
House Insurance Covers it All
No type of insurance is perfect, so do not expect such from the good cheap home insurance policy that you select. While it does cover a significant portion of damage that occurs to the home, there are exclusions. This is particularly true of personal possessions, like jewelry or electronics. Check the policy before deciding if it is right for you. Reading over the fine print will help you learn any important exclusions that you should know.