Sunday, June 16, 2013

Homeowners Insurance Protects

Peoples choose the better insurance companies. An important step when buying a home is getting the right policy. Most homeowners currently engaged in paying a mortgage will agree on the importance of having to maintain a home insurance policy. In fact, most lenders won't allow buyers to "close the deal" until they have coverage in hand.

Miami homeowners insurance protects what is likely their biggest, and most important asset. However, there are instances where insurance can be confusing. For instance, what does a policy cover, what factors influence the cost of a policy, and how does one go about finding the best deal?

The answers to these questions are quite simple, and can easily be explained. This article intends to go over a few basics about coverage.

What is covered?

Generally, the dwelling, other structures on the property (separate garage or work shed), contents of the dwelling, and some liability exposure of the owners or occupants for injury to guests or workers.

What affects the premiums of home insurance policies?

Any known risks will often determine how much a person will pay for insurance. For example, if the location of the property is in what is considered a high-crime versus a low-crime area, the proximity of the dwelling to local police and fire services, use of the property (if it is abandoned, or used for something other than as a family dwelling), construction materials (brick versus wood), and any catastrophic exposures will come into play.

Insurance on homes located in Florida (or Texas on the Gulf Coast) can be expensive due to hurricane risk, and in other states, the exposure may be to tornadoes, floods, hailstorms, or earthquakes. Additionally, homeowners may not be aware that there are instances where policies do not cover some damages. Floods are not covered, although windstorms are. Mold damage is a special problem often not covered, but the laws pertaining to mold are evolving in many states.

Collectibles (antiques, art, stamps, books, etc.), jewelry and cash are limited in the amount of coverage offered. Individuals can choose to increase coverage for those items by purchasing riders for the current insurance policy.

Some helpful advice to people shopping for homeowners insurance

It really pays to look for qualified insurance agents. It is best to call a few companies because premiums will vary across companies. Visit their websites, which should contain some very useful information for consumers, including summary premium information, and always compare Miami homeowners insurance policy quotes for similar policies. It is also a good idea to look at a company's customer satisfaction rating. Insurance holders satisfaction with quick process insurance companies.

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