Often at this stage of life, young families venture to acquire their own homes - a step that instantly requires good decisions on his part when considering purchasing home insurance.
* If you are buying your first home, or checking your home insurance policy, remember it is only necessary to ensure the home and possessions - not the land it is built. That's why you should anticipate that the insured value of your home is less than its market value.
* Many times, families find that they grow their "first home" needs improvement. Be sure to tell your insurance company about any significant improvement - generally over $ 5,000 - because you want to update your home insurance policy (homeowner's policy ") to represent this improvement and to prevent any lack of coverage.
* By keeping your home should be aware of who will be responsible for everything that happens on your property. Please note that in many states, you will be responsible for the actions of anyone who drinks alcohol in your house and you have an accident while you are there or leaving. Your policy should protect against any legal action which may be due to these situations compensation.
* They should inform your insurance company if they have to install play equipment and entertainment for children (swing, trampoline or swimming pool). These teams may require increased compensation coverage through a supplemental policy ( "umbrella policy") that are protected in the event that someone is injured on your property.
* When purchasing more valuables - jewelry, family heirlooms worth, antiques or art - you may want to consider obtaining an attachment ( "floater") or endorsement ( "Rider") in addition to your home insurance policy to cover these special items. Usually, these items are not covered by a basic policy of home insurance or renter.
* Finally, we all know that raising children can be hard on the budget. One way to keep annual insurance premiums under control is to increase the deductible from their home insurance policy. Remember that these deductibles increase means an increase in expenses in the event of theft or damage to your property.
Home insurance considerations for all stages of life
If you own your residence or a tenant, the home insurance (home insurance) offer substantial protection.
* Home insurance protects both the physical structure of your home as personal property.
* By contrast, renter's insurance only protects personal property. Never assume that insurance will cover the owner or lessor or his personal effects. The insurance of the lessor (landlord's insurance ") only protects the building.
Everyone - owners and tenants of a residence-needed protection against accidents that injure other people or property while they are at home.
Let's be more specific about home insurance and different types of protection that can offer:
* Damage to the home. Covers damage to the house until the total ( "face amount") of the policy. For example, if the policy is $ 100,000, that's the maximum you will receive if the house is completely destroyed, less any deductible.
* Other structures. Covers damage to other structures or buildings, as an attached garage, or tool shed hairs.
* Personal Property. Covers damage - or loss - personal property. Personal property includes personal property and you and your family. Note that some items of personal property such as jewelry, antiques and art may need additional coverage.
* Additional living expenses. Cover living expenses until the specified limit, incurred by the insured to continue living, the best way possible and as their standard of living normal, if that house is not habitable by a covered loss under the policy.
* Personal Responsibility wide. It protects against claims arising from accidents suffered by others in the property where you live or rent. With few exceptions, such as car accidents or ship / boat, this is a total liability coverage that protects you wherever you go.
* Medical costs. Covers medical expenses, but limited to certain amount per person and per accident for property damage occurring in people from outside the insured. It can also cover medical expenses incurred outside your home if they are caused by you, a family member or pet.
You have the option to insure your home or possessions by both the replacement cost ( "replacement cost") or actual cash value ( "actual cash value").
The actual cash value ( "actual cash value") is the amount that would repair or replace damage to your home afterthe depreciation.
The replacement cost ( "replacement cost") is the amount that would replace or rebuild your property with materials of equal or similar kind and quality, without deducting for depreciation. A good rule to remember is that you should insure your home for at least 80% of its replacement value, recognizing that in most cases the land value need not be included.
Please note that coverage for flood damage are NOT covered by the policy of your home. If you live in an area that is prone to flooding from any cause - for example, hurricanes, rivers or streams that overflow - be sure to inquire about purchasing flood insurance, which is available through the federal government program, " National Flood Insurance Program ( "NFIP").
Here's an important tip: it's a good idea to prepare an inventory of all their property, along with photos or video of each room. You may want to keep receipts for purchases of major items and keep them out of your house or apartment. This will help if you ever need to file a claim.
Factors that may influence the cost of your premium for home insurance, for example:
* Specific features of your home are important ...
or how long ago it was built. The oldest homes cost more to ensure
o The type of structure, for example if block, stone, navy or has synthetic panels
or electrical wiring
o The roof
o Whether or not you have a garage
* The location of the property also may influence the cost of their premiums. For example ...
* Its proximity to the fire station
* Your occurrences occurring by exposure to natural forces or extreme weather - hurricanes, tornadoes, hail storms or earthquakes
* If you are in a neighborhood more susceptible to theft than others are
* The installation of a security system may also help. For example ...
or burglar alarm systems, smoke detectors, fire extinguishers irrigation systems in case of fire ( "sprinklers") - Locks doblesEl have these items in your home will definitely help reduce cost of insurance premiums and reduce risk of accidents or damage.
* There are certain personal characteristics that can affect the cost of insurance premiums:
o If you smoke, consider changing your lifestyle because nonsmokers would pay less for home insurance than smoke-Remember, it is important to maintain a good credit because many insurers use credit history to determine how much you pay for your insurance
* Your claims history has a big impact on your premiums. Consider not submit claims for small amounts or minor events. You might consider a higher deductible if a claim for a loss that is less than $ 500 or even $ 1,000.
