Having property insurance is required in most states and localities, if you are a homeowner. Renters usually don't have this requirement, unless stated in a signed lease agreement. Property home insurance often referred to as homeowners insurance can be confusing for most first time home buyers. The most important thing to understand is what your policy provides for coverage and your situation. Put together a list of your assets in your home and take good photographs of all your items, which have value. You will also need to write down the purchase dates for each item with a price and receipt if you still have one. Insurance companies don't require receipts but in a case of a claim it will dramatically increase your chances of being fully reimbursed for the lost item.
As Spring gets closer, people should also realize that homeowners insurance doesn't cover flood damage, as you will need a separate type of insurance policy for this. Commonly, flood insurance is fairly cheap, so it's something to keep in mind for flood plain residents. Home insurance doesn't just cover the items in your house it also provides protection from accidents that may happen on your property. For example, if a visitor has an unfortunate accident and injuries himself or herself on your property, you can be covered from any possible lawsuits that may be brought forward. Usually, you should look at coverage of $500,000 or more for injury related accidents on your property. This should be careful reviewed if you have lots of visiting kids, as most of these lawsuits are child related and can be very expensive.
Adding security measures to your home will dramatically decrease your premiums as well. I recommend having deadbolts installed on the main front and rear doors. This commonly can be done for around $100 for each door. Security systems are another great feature to include, as a safety measure and cost saver for a home insurance policy. Most monthly security plans through the well-know providers will cost around $45 a month for full service but is highly recommended. Setting up a security service can be done online and is extremely easy to schedule.
After you have received some insurance quotes for your home, take the time to understand what each policy has to offer. Policies will differ a lot from one agency to another, so keep that in mind. I always recommend that renters get home insurance coverage as well, as it will save you in the long run if an accident does happen.
For new homeowners or those who don't feel real comfortable with the specifics of home insurance coverage and getting online quotes I recommend americaselect.net americaselect.net I also recommend taking a look here for more great home insurance coverage topics [americaselect.typepad.com/my_weblog/] for beginners.
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