When we buy home insurance, the following questions are on the top list:
• What is the coverage?
According to Redentor Ramos of Paramount Insurance, fire, lightning, and third party liability are included in a basic coverage. While floods, typhoons, riots, strikes, among others are already considered additional.
• How much should I pay?
As a rule always reassess the value when renewing your policy to avoid getting under or over insured.
• In case of a claim, how much should I receive?
See to it that you will receive the replacement value not the actual cash value because they are different.

There are a million and one reasons that anyone can think of why any home owner needs to purchase a home insurance. List down all the answers and surely each and everyone will contain the word security. Having the security of a home insurance provides the home owner with the peace of mind that one of his most cherished investments is protected in any case of calamity natural or otherwise. The possession of a home insurance is equivalent to having the financial security for your property. It is very important that before purchasing your home insurance you understand all the basics and know all the possible coverages in order to fully enjoy your much deserved security for your property.

Since you worked hard to invest your home, it should follow that you insure yourself to various risks. Getting a home insurance policy will help you achieve this goal. Your policy should include both building insurance and home contents insurance. Your policy should also cover related items such as garage contents, personal money, garden contents, or any items that are particularly important to you and want them covered. Before jumping in to any home insurance policies, shop around first and look in for cheapest but the best home insurance quote that you can avail. More often than not, specialist insurers offer better coverage and cheaper premiums than that of the banks and building societies.

Having a Home Insurance doesn�t mean that we won�t take care of our homes anymore. Keeping our homes in good shape implies that we�re taking good care of our investment as well. Here are some helpful tips to protect our homes.

First is that we should always know our policy because sometimes policies have limited coverage and requires a separate one for coverage. Two, we should always be updated regarding building prices. Third, let us always check our personal property regularly. Fourth, check about any additional coverage that may be obtainable for you.

Image Source: ezyinventory.com

A home inventory is an accurate list of your personal possessions contained in your house. Any possession of yours that you have kept anywhere within your property like a garage, shed or any storage place must be listed as well. It generally includes jewelry, furniture, antiques or heirloom pieces, paintings and other works of art, kitchen and bathroom appliances, clothes, television sets, compact discs, digital video disc players and other audiovisual paraphernalia, computer and its accessories like Ipods, PSPs, cellphones, clocks, mirrors, linen, lawn mowers, snow tools, sports equipment like a jet ski or health paraphernalia like a treadmill, anything and everything valuable to you.

In this difficult economy, we need to save as much money as we can. If you want to learn more about lowering your homeowner’s premiums, here are some tips:
1.Make upgrades – oftentimes, renovating or upgrading your home, especially systems to connected to home safety such as installing sprinkler systems, additional smoke detectors and deadbolt locks.
2.Make your home safe – insurers often look at the risks of injury present in your home. If you have a pool or trampoline, installing a cover or fencing can keep children away from these areas and lower the risk of injury. If you have a “high risk” dog, a cage or enclosed doghouse may lower your premium.
3.Insure for the replacement cost – because of inflation, your home will probably cost more now to replace than the original price.
4.Review your policy annually – check which coverage you still need, and what you can do without.

Image source: www.homeinsurancedaily.net

Home contents insurance is taken out by home owners in order to safeguard their possessions through accident, theft, fire or any other misfortune that should happen. It will help you to replace the items and for this you pay a monthly set premium to the insurance provider you take the policy out with.

However as with any type of insurance it is never always easy to understand and there are often many hidden exclusions within a policy, which can mean that you wont be able to claim on the policy for certain things. An important factor to take into account when it comes to home contents insurance is that even if you are renting the property, insurance it is still advisable because this cover is put in place to protect your belongings not the shell of the property. When taking out a mortgage the lender might insist that you take out insurance for the shell or outside of your home but the contents insurance is down to you.

by: Christine Zafra

If you feel that your kitchen is getting smaller with all the new appliances you buy every month (let’s say, Home TV Shopping is fun), and wish to expand it, don’t just rush to your local contractor and tell him or her to do this and that. Or better yet, there are some owners who wish to save on contractors and do the renovation by themselves (i.e. kitchen sink). Let’s take the kitchen sink for example. You want to replace your sink in the kitchen so you started whacking the sink edges and the underside. Now, you busted a pipe that wetted the floor and some of your appliances. You cannot file a claim to your insurance provider about the said damage because the SOP is for you to inform your insurance company before you do something to your house.

Photo taken from http://www.vcu.edu

by: Christine Zafra

If you already have an insurance or planning to get one, make sure you maintain your communication with your agent. Agents and/or brokers are useful when it comes to clearing up things. If your home have been damage due to a natural disaster, you can call your agent to find out if that damage will be covered by your insurance provider. Knowing things will also help you guard your house well (i.e. if the insurance company does not cover mudslide, you might want to build a sturdy wall at your backyard, between the muddy hill and your house). Keeping in contact with your insurance agent can also aid you in changing your policy from time to time depending on your needs.

Photo taken from http://www.lifeleadsystems.com

by: Christine Zafra

Take a look at your insurance policy. Your policy may seem to be easy to understand after you have glanced at it, but to tell you honestly, insurance policies are a lot trickier than you think. Take this for example.

If your policy includes flood insurance in it, do not rejoice yet. Some insurance companies are wiser than you think. If your house has been damage by mudslide due to the heavy rains that has been pouring for three days in a row, your insurance company might not consider it as something caused by “flood” per se. Most insurance companies consider that as the movement of tectonic plates and not flood related. Be wiser than them. Ask your insurance agent about things.

Photo taken from http://res.sys-con.com