If your Home insurance current and providing enough coverage?

What to Look Out For when comparing homeowners insurance

When comparing homeowners insurance quotes, be sure that you are comparing quotes for the exact same coverages and benefits.  Be careful not to confuse a market value policy with a replacement cost policy, as these are two completely different products.  Remember: the market value of a home is the amount that the home is worth on the market today, while the replacement cost of the home is the amount of money it would cost to rebuild the home using the same quality construction materials but at today’s cost.

Also, understand the difference between an all-risk policy and a named peril policy.  An all-risk policy will protect your home from damage caused by all types of risk with a few specific exclusions, while a named peril policy covers only the specific types of damage that are listed.

If you can, avoid filing “small” claims for damages less than $3,500.  Claims under this amount may actually cost you more in the long run because an insurance company can raise your rate for having multiple claims and could even cancel your policy.  Choose higher deductibles to save money and prevent yourself from making smaller claims.

More