Top Five Homeowners Insurance Questions and Answers
Got homeowners insurance questions? Here are the top five homeowners insurance questions complete with answers.
What does homeowners insurance cover?
Homeowners insurance protects your home and your personal possessions from damage due to fire, lightning, burglary, vandalism, and acts of nature. It also protects you against liability lawsuits if someone is hurt in your home and they sue you.
How much insurance do I need?
You need enough homeowners insurance to cover the cost of rebuilding your home if it’s destroyed, to replace your personal possessions if they’re damaged, and to protect you from liability lawsuits.
To assess how much home coverage you need, get the square-foot building costs in your area from a builder or a realtor, then multiply that figure by your home’s square footage. For coverage for your personal possessions, take an inventory on everything you own and use the total value. And for liability insurance, figure enough coverage to protect your assets in the event you’re sued.
What about flood and earthquake insurance?
Most standard homeowners policies do not provide flood or earthquake coverage. If you live in a flood or earthquake zone you’ll need to get additional insurance.
Where can I get cheap homeowners insurance?
Insurance premiums can vary by hundreds, even thousands of dollars a year from one company to another, so the best way to get cheap homeowners insurance is to comparison shop.
There are now websites that let you compare rates between various insurance companies. All you do is fill out a simple questionnaire, wait for your insurance quotes, then choose the cheapest one.
The better comparison sites even have a chat feature that let’s you talk with an insurance professional online so you can get answers to all your insurance questions. (See link below.)
How do I find a good insurance company?
Most states maintain a department of insurance website that provides a host of consumer information, including claims that have been filed against insurance companies. If your state doesn’t list consumer information, you can go to California’s website (insurance.ca.gov) to get it.
J.D. Power & Associates rates homeowners insurance companies based on input from customers who own insurance policies with those companies. These ratings give you a good idea of how an insurance company treats its customers and how it pays its claims.
Visit http://www.LowerRateQuotes.com/homeowners-insurance.html or click on the following link to get homeowners insurance quotes from top-rated companies and see how much you can save. You can get more answers to your homeowners insurance questions in their Articles section.
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About Author
The author, Brian Stevens, is a former insurance agent and financial consultant who has written extensively on homeowners insurance questions.
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15 Responses to “Top Five Homeowners Insurance Questions and Answers”
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August 15th, 2009 at 8:07 pm
Ever loose your home to a tornado, wildfire, hurricane, termite infestation. Want to be the tip of the spear when it comes to preventing global warming?
Is your home owners insurance $800 a year but you would rather pay $174 a year these people insurance quote was this way and the insurance company reduced their rates to $174 because these homes just don’t burn.All this and more is in the video
“Modern Day Dream Homes” is a youtube video produced by the MDI institute.
August 15th, 2009 at 8:10 pm
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Have a great one pal.
August 15th, 2009 at 9:24 pm
funny! chec
August 15th, 2009 at 10:22 pm
No Homo!
August 15th, 2009 at 8:34 pm
They don't ask, but there is a good chance they will find out anyway. My aunt has a trampoline in her back yard, which is prohibited, but she figured no one would ever know. It went unnoticed until some teenager tried to dial a number on his cell and hit the front of her house. Her insurance company (along with his) came out to inspect the damage and saw the trampoline.
They also find out when the dog attacks someone in the neighborhood or gets loose and chases the mailman and a complaint is filed.
There are plenty of incidents that could take place that would cause the insurance company to come out.
August 15th, 2009 at 9:04 pm
It really depends on how it breaks, what type of policy you have and the insurance company?
Some company's can even add riders to your policy to cover it.
Call you insurance company or ask your agent!
August 17th, 2009 at 12:48 am
The more available you are to potential customers, the more likely you will get to quote them. I know that when I am attempting to buy something, I partly base my decision on how easy it is to get ahold of someone.
August 17th, 2009 at 10:27 am
Go the the taxing authorities homepage for your county (Google it). You can look up the average taxes on the homes for the neighborhoods you are considering.
August 17th, 2009 at 12:28 pm
Thank you for running into each other instead of an innocent person who is following the rules.
You stand as much chance as your homeowner paying the bills for your accident as there is that your auto insurance would cover your house burning down.
If that's not plain enough, NO.
Which ever of you was at fault in the accident owes the other for all damages.
August 17th, 2009 at 4:51 pm
Yes very much so. Certain breed's of dogs will void a home owners insurance policy. This is based usually on vicious breeds who tend to generage alot of liability claims. It states this clearly in your policy. If your friends looks at her HO3 policy she will see which specific breeds will cancel her policy. Also many HO3 policies place exclusions against trampolines & swimming pools.
If she chooses to keep the dog – she will have to go through an excess/surplus company to get her homeowners insurance. She will pay about 3x the amount she was paying prior. Its up to her if the dog is worth keeping.
August 18th, 2009 at 2:19 am
I save money on it too.
August 18th, 2009 at 2:44 am
If I were you, I'd look into two things in particular:
First is a mortgage disability policy. You would probably want to take out this policy on both you and your husband. This will help to cover mortgage payments if you or your husband are injured and unable to bring in income.
I'd also look into life insurance policies on each of you. If your husband were to pass away, would you be able to continue making mortgage payments on your own? Would you choose to move? If not, life insurance is a must.
August 18th, 2009 at 8:46 am
cool, working smart rule
August 18th, 2009 at 7:39 am
I have to say, I support the insurance company on this one. They have to manage risk, and part of that risk the dogs people own. Unfortunately, there are quite a few really bad pit owners out there. Don't blame the insurance company, blame the irresponsible owners.
Besides, to make a comparison- a regular doc's malpractice insurance is about a fraction of what it is for a ob- have you ever wondered why there seem to be a larger number of docs getting OUT of the baby business? Used to, all gyns did OB, now, that number keeps dropping. Mostly because they can't afford to pay the insurance AND deliver babies. Are the insurance companies discrminiating against OB's?
August 18th, 2009 at 9:56 am
You need to call an insurance company for quotes, start with your auto insurance company & go from there. There are many questions, what does the master policy cover? You would need to read the condo bylaws to find out. Does that policy cover everything attached to the unit or only to the studs? Does it cover anything that you add to or alter in the unit? So, you would purchase a condo policy (HO6 form), you would need to find out from the condo association what you actually need to cover. That would be the dwelling limit you need. Then you need to tell the insurance company how much contents coverage you want (if you had to replace everything you own), then get at least $500,000 liability, $5,000 medical payments & get $50,000 (or the company maximum) loss assessment (this covers if you are assessed for damages to common property – simplified definition – you would need to speak to an agent to explain it to you). You would also need to tell the agent the deductible you want (property coverage).
Good luck in your purchase but no one here can give you a quote.
Homeowners insurance is always an annual policy.