Home Insurance Policy

If you own a home that is financed through a lending institution, you will be required to purchase home insurance. All lenders will require a certain amount of coverage based on your mortgage loan amount. However, you will need to analyze what type of home insurance policy you need for your personal situation and then get covered at the lowest rate possible. Here are a few tips to help you get the right protection for your most prized asset. Once you go through the online guide, get a complimentary praetorian home insurance quote online. The quote is entirely free and only takes about 8 minutes to finish.


  1. Get the Right Amount of Coverage


Insurance advisors will always recommend getting enough home insurance coverage to replace the costs of your house in the event it is destroyed; this means that is you have a property that is valued at $250,000, and you need a homeowners plan that will cover that amount. Many home-owners only buy enough insurance to cover their mortgage balance, and this is not smart because the house in all likelihood will be worth substantially more. Get your place appraised as soon as possible and get it insured for at least 90% of the appraisal value. One recent non-profit consumer agency reported that about 65% of houses in the United States are not fully insured.

If your home has gone up substantially in the past few years due to a hot market like Silicon Valley, you might want to upgrade your policy and increase the coverage amounts, this will assure you of not being devastated financially if your home is severely damaged by a fire or earthquake or other catastrophic events. Also, if you have recently upgraded your home and have invested a lot of money remodeling it or adding on, you should get a moderate increase in coverage that is related to the new appraised value. Get your custom insurance quote now at Praetorian homeowners insurance.


  1. Consider Purchasing a Guaranteed Replacement Cost Homeowners Policy


There are several premium ins options you have if you want to get enhanced protection. The first is an extended replacement policy; this will pay you up to 125% of the limit on your home policy when you reconstruct your house, this is more expensive, but it’s worth it if you ever need to file a valid claim. There is also an option for guaranteed replacement cost homeowners coverage. This type of plan is more costly but will ensure that your home will be rebuilt, regardless of the expenses involved. Think about homes that are on or near the beach that gets swept away or fall off a cliff. There are tremendous costs involved in rebuilding these high priced homes that nature has devastated. Having guaranteed replacement home insurance can save your day if your house is ever ruined.


  1. Make sure you are Insured for all of your Personal Valuables


Do you have a lot of personal items like Jewelry or expensive watches, or highly valued art that needs insuring? If so, you might want to purchase extra ins protection for these items. Add up the total value of your personal property to get an approximate replacement cost number. Then you will want to get what’s called a “floater or rider” coverage added on. Home insurance policies don’t cover these items so you will need to get added coverage put on your policy. If you have any questions, talk to a praetorian house insurance expert today.


  1. Consider Adding Flood Insurance


Do you live near a large body of water that is prone to floodings like a lake or river? Do you live in a hurricane area like Florida that could cause extensive water damage to your home? If so, you should consider getting flood ins. Remember, flood insurance is not automatically added to your policy. You have to request it from your insurer. If you cannot find any carriers that provide it, there are government programs you can apply to who will insure your property for as low as $60 annually.


  1. Get the Right Deductible


If your home sustains severe damage as the result if a hurricane or earthquake, you could be hit with a massive bill to process your claim, this is because many people get a policy with a deductible that is one to five percent of the value of flood damage and ten to fifteen percent for earthquakes. For a home that is valued at $500,000, this could leave you with one huge deductible bill of $5,000 all the way up to $75,000 for total loss due to an earthquake. One option is to go with a provider that has a “flat rate home deductible policy.” this might cost you a little more, but if you don’t have substantial savings, it could save you if your house is completely ruined because of flooding or earthquake damage.


  1. Shop Online for Cheaper Home Insurance


Why call an agent or broker for a home insurance policy quote when you can compare rates online in just a few minutes? Some of the lowest prices and special discounts can be found on the web. At Praetorian home insurance, you can compare the top 10 USA homeowners rates and even purchase your policy online. Most people can save over $400 yearly by switching to Praetorian. Get your free rate check today.