- Calculate just how much it would cost to rebuild your house. Many property owners mistakenly look at how much their house may be worth. Insurance companies use guidelines for estimating replacement costs and also the resulting premiums for total replacement policies.
- Compare various providers. Premiums differ depending on where you reside, the value of your house, and other factors such as how long you've lived there and whether there has been past claims at that address. AllQuotesInsurance.com and InsuranceFinder.com are among several sites that can provide you with a number of quotes.
- Investigate various kinds of coverage. For instance, HO-1 is basic coverage which protects you from 11 different risks, including thievery, fire and major breakage; by contrast, HO-5 handles everything except earthquakes, flood and war. (Observe how to Obtain Disaster Insurance.
- Save money by raising or cutting your deductible depending on your needs. A high insurance deductible lowers your premiums but means greater out-of-pocket expenses if something happens. For instance, increasing your insurance deductible from $100 to $1, 000 can save 20 percent or even more on premiums.
- Find out what steps you may take to lower your premium cost, such as setting up a security system. Some insurance providers will additionally offer lower rates for existing customers, so use your auto insurer for a house owner's quotation first.
- Make sure you're covered for liability just in case a neighbor trips on your stairs and breaks or cracks a leg. Some house owner's policies also cover you when you are far from house and are liable for someone else's misfortune; double-check below what circumstances your coverage kicks in.
- Find out what the policy covers for the house's contents. If necessary, buy a floater with regard to artwork, computers, jewelry, expensive photography equipment and additional valuable items. Look into adding a rider for bills. This can help pay for your having to live somewhere else while your house is being rebuilt or repaired. Scrutinize your house owner's policy in case your lender has attached it to your mortgage or even refinance.
