Home Insurance Policy
You must purchase home insurance if you own a home financed through a lending institution. All lenders will require specific coverage based on your mortgage loan amount. However, you will need to analyze what type of home insurance policy you need for your situation and then get covered at the lowest rate possible. Here are a few tips to help you get the proper protection for your most prized asset. Once you go through the online guide, get a complimentary praetorian home insurance quote online. The selection is entirely free and only takes about 8 minutes to finish.
- 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 you have a property valued at $250,000, and you need a homeowner to plan to cover that amount. Many homeowners only buy enough insurance to cover their mortgage balance, which is not intelligent because the house 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 a fire or earthquake, or other catastrophic events severely damage your home. Also, suppose you have recently upgraded your home and have invested a lot of money remodeling it or adding on. In that case, you should get a moderate increase in coverage related to the new appraised value. Get your custom insurance quote now at Praetorian homeowners insurance.
- 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 plan is more costly but will ensure that your home will be rebuilt, regardless of the expenses involved. Think about homes on or near the beach that get swept away or fall off a cliff. The tremendous costs involved in rebuilding these high-priced homes that nature has devastated. Having guaranteed replacement home insurance can save you a day if your house is ruined.
- Make sure you are Insured for all of your Valuables.
Do you have many personal items like jewelry, expensive watches, or highly valued art that need insuring? If so, you might 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 your policy will need added coverage. If you have any questions, talk to a praetorian house insurance expert today.
- Consider Adding Flood Insurance
Do you live near a large body of water prone to flooding, 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 insurance. 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 that will insure your property for as low as $60 annually.
- Get the Right Deductible
If your home sustains severe damage as the result of 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 valued at $500,000, this could leave you with one substantial deductible bill of $5,000 up to $75,000 for total loss due to an earthquake. One option is to go with a provider with 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.
- Shop Online for Cheaper Home Insurance
Why call an agent or broker for a home insurance quote when you can compare rates online in just a few minutes? Some of the lowest prices and special discounts can be found online. You can compare the top 10 USA home insurance rates at Praetorian home insurance and even purchase your policy online. Most people can save over $400 yearly by switching to Praetorian. Get your free rate check today.