Homeowners Insurance Buying Guide

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Homeowners Insurance protects your house and belongings against damage from a variety of perils, such as fire, theft, and storms. It also provides liability coverage for injuries that occur on your property. Depending on your policy and deductible limits, you can customize the protection to fit your needs.

What do you mean by insurance?

Your rate is determined by the likelihood that you’ll file a claim–your insurer’s perceived “risk.” A number of factors are taken into consideration, including past homeowners insurance claims submitted by you or your family, your property’s location (e.g., hurricane-prone Florida), and your credit.

There are several types of Homeowners Insurance, each designed to meet the specific needs of your house and belongings. Special form policies offer dwelling and personal belongings coverage, whereas broad form and comprehensive insurance cover more than your house, such as structures on your property, and more. You can get additional coverage for expensive items like jewelry and art with separate endorsements.

Many companies offer bundling discounts for homeowners and auto insurance, which can help you save money on your premiums. Some companies even provide online tools that can help you compare rates and options.

The price of your homeowners insurance is based on multiple factors, such as coverage limit, policy details, and third-party company reviews. To get a more accurate picture of what your premium will be, request quotes from several different companies. Also, pay attention to whether the quotes you receive offer guaranteed replacement value or actual cash value coverage.

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