Buy home insurance: an overview of HO3 policies and online insurance providers

There are so many home/property insurance providers these days that it can seem a little confusing even to those with more knowledge of the industry. Whether this is your first time trying to buy home insurance, or if you’ve done so in the past and are looking for a better policy, you need to decide whether you want to look for quotes yourself or have a broker help you. help out.

The first step is to find out exactly what type of homeowners policy you need and what type of cover(s) you need. Some of the things that are usually standard in insurance policies (“HO3 Homeowners Policy”) include home coverage, coverage of other structures on your property (garage, storage building, swimming pools, etc.), and certain items that are in your home. This kind of policy also covers cases where you have to stay somewhere else because your home is uninhabitable for reasons such as extreme weather damage, rodent infestation, broken pipes/flooded basement, etc.

Location plays an important role in rates when you purchase home insurance. It’s just a given that some geographic locations are more expensive to live in than others. For example, people living in a rural area with a low crime rate will almost always pay less for insurance than people living in an urban area prone to crime.

Buy home insurance with a known policy limit

To get an idea of ​​how much your policy limit will be for home coverage, you need to determine the home’s build price, or the “replacement value” of your home. If you have to rebuild your entire house, how much will it cost? It may be a good idea to consult with contractors, roofers, contractors, etc. to help you with the calculations.

If you want to protect certain valuables such as jewellery, antiques, art collections, etc… don’t just assume that this is covered by the policy. In many cases, you need to add “riders” to the policy. Also known as an “approval,” these riders allow you to add coverage beyond what standard insurance offers.

Today’s homeowners really don’t have to stick with traditional insurance companies. There are some online companies that offer unique approaches, including “flat fee” and “giveback” services.

An A-rated online company where you can buy home insurance is Lemonade. It does offer a “flat fee” model and is known for paying out claims super fast. It is also reinsured by some of the best reinsurers in the industry. Check out some Lemonade discounts now to learn how to get good, affordable home insurance.