4 Things You Need to Know Before Buying a Home Insurance

​One of the essential investments that you should have is home insurance. However, not all policies are created the same, and knowing what you are going to buy can help you pick the right insurance for your home. To help you, here are some things that you need to consider before you purchase home insurance.

1. Two Types of Coverage
Your home, when it comes to insurance, is divided into two: contents and building. The contents type covers your belongings such as furniture, electrical items, and clothes. On the other hand, the building’s insurance is for the fabric of the building, which includes built-in appliances and any permanent fixtures. Here are what these two types cover: 

• Building Insurance: 
  Floods, storms, fire, vandalism or malicious damage, impact from vehicles. 
• Content Insurance: 
  Fire damage, flood damage, theft, vandalism, and earthquake damage. 

As a homeowner, it is recommended that you get both types of coverage- look for insurers that offer discounted rates for the combined content and building policies. If you are renting, your landlord should be the one responsible for building insurance. 

2. Ensure that You Have Enough Coverage
If you are going to take out the building insurance, make sure that your home is covered for its rebuild value and not the market value. If you are going to calculate the value of your contents, you can go room to room and take note of the value of each item, from computers to clothes and even the contents of your fridge. 

Make sure that you are accurate when doing the calculation. If you undervalue your contents, it will only leave you underinsured and overestimating will only increase the cost of your coverage. 

3. Protect Valuable Items
It will be best if you talk to your insurer and get separate coverage if necessary since the basic terms of your contents coverage do not cover valuables such as antiques, jewelry, or high-spec electrical items. 

4. Enhance the Security of Your House
Installing a theft alarm or smoke detector can help you enjoy discounts. Ask your insurer what are their recommendations when it comes to what kind of system you can install to obtain discounts. It can help you save on your premium eventually. 

Conclusion
Having house insurance can help ensure your safety and it acts as a safety net in case something unfortunate happens. Knowing what you will purchase and understanding what it covers can help you get the insurance policy that suits your needs.

At Insurance Marketplace, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (541) 779-0177 or Click Here to request a free quote.