Home insurance can be a complex matter, but you can make your decision easier by taking the time to understand the basics. For most people, their home is the biggest financial investment of their lives, so it’s extremely important to insure it properly. As you learn more about the subject, you can compare home insurance quotes online and decide which one is best for you.
What exactly does a policy entail? While the specifics vary from policy to policy, home insurance generally covers:
• Home (repair and renovation)
• Personal property for certain types of items such as furniture
• Liability (in case of lawsuit)
• Other constructions on real estate
• Loss of use (in the event that you have to temporarily leave your home while it is being repaired)
There are also options for additional home coverage, such as add-ons for specific items. Flood, fire, hurricane, etc. coverage may also be required depending on where you live. Even if they are not required, you may still want this kind of protection.
What do home insurance quotes include?
Home insurance quotes sometimes include discounts or savings offers. If you have security features installed in your home, you can usually get a discount. Sprinklers can also be worth investing in, as it can lower the price of fire insurance a bit.
As far as damage to personal property is concerned, this can include anything from high-end electronic equipment to branded clothing. You have some flexibility here, so be sure to select a cover amount that you’re happy with. The ideal policy may be able to replace anything you own after extensive damage or burglary to the home.
Your life stage also plays a role in the amount of home insurance that you have to take into account. If you’re a single buyer with no kids, you probably don’t need as much coverage as an established family. It’s probably easier for you to risk a higher deductible if you don’t have children to take care of, so you don’t have to spend a large amount in premiums. If you have a family with children, it’s the other way around. As you get older and closer to retirement, you may want to increase the deductible again.
Whatever protection you’re looking for, you can start by requesting home insurance quotes from Lemonade. Other insurance companies take the time to pay claims because they want to keep your money for as long as possible. Lemonade charges a flat fee and pays out claims very quickly and offers good customer support.