House insurance is among the most important insurances you can get - and in the case of buildings insurance, most mortgage lenders make it compulsory. This is because your home is your biggest asset and if you lose it because of fire, flood or another disaster and you have a mortgage outstanding on it, there may be nothing tangible to repay back your mortgage with.

There are two types of household insurance - buildings and contents. These can also be purchased as individual plans or combined. If you buy the insurance combined (ie from one insurer) they you tend to get an overall discount.

Buildings insurance gives your property (and it’s fixtures and fittings which are permanent fixtures such as fitted kitchen or built in wardrobes) financial protection in the event of damage. Unless your mortgage provider insists you have cover, this insurance is still strongly recommended as it protects probably your most major asset.

Contents insurance - while not compulsory - is just as important as buildings cover. Again, it offers protection against fire, damage, loss etc. and will cover most of your possessions in the home from baby clothes to DVDs to audio equipment to valuables (up to a set limit which your insurer will define).

If you have something particularly valuable (such as an expensive watch) - or something you take outside the home and that is more liable to damage or theft (eg a bicycle or a laptop) contact your insurer to see if you need to upgrade your policy. This should only mean a small increase in your house insurance premium and will give you the peace of mind that the item is covered.

As with all insurance products, when looking for house insurance, do shop around for the most competitive premium. Online insurance brokers, where you enter your details and requirements just once and the search engines goes off and finds the best deals for you, are free and easy to use and give you a good idea as to how much you should be paying.

As with all product comparisons, when it comes to house insurance, do compare premiums on a like for like basis to ensure you get the level of over you need.

Jason Hulott is Business Development Director of Protection Insurance. Protection Insurance is an internet based insurance business dedicated to getting consumers the very best insurance rates and the best products. We have a range of free insurance guides Download them here

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Anyone who owns a home will, at some point in their ownership, come to realize the importance of their homeowner’s insurance policy. Homeowner’s insurance policies exist to protect both the homeowner and the bank lender, at least for the life of the home’s mortgage.

Basic Policy

The basic homeowner’s insurance policy covers damages done by such disasters as fire and severe storms, including hurricanes and tornados. Damage to your home, property, and possessions are typically the basic elements covered. However, the amount of coverage you carry for each is perhaps the most important aspect of the plan.

Possessions that are lost due to theft are also generally covered, up to a certain percentage of the insurance policy.

Liability coverage is another basic element of a general homeowner’s policy. Liability protection covers the policy holder for damages done to another’s home or property, even the damage done by one’s pet can be included. However, this is only damage done to another’s property. The homeowner’s policy does not cover damage incurred by the policy holder to his or her own property or possessions.

Covering Yourself

Many consumers fail to recognize the pit falls that are inherent in many homeowner’s insurance policies. For the most part, it is generally known that the basic homeowner’s insurance plan does not cover flood damage. While most homeowners consider themselves safe and on dry ground the majority of the time there are many who are at risk. Whether you realize it or not, you might actually live in a flood zone. And then again, even if you do not, when severe disaster hits, such as a hurricane that generates dangerous and inevitable flooding, you might become the unwitting victim of flood damage and the holder of a policy that fails to cover your damages.

Homeowners must be wary when purchasing their homeowners insurance. Make sure you buy from a reputable insurance agent and do not make your policy decisions based solely on getting the bargain basement price. A bargain basement homeowners’ insurance policy will likely fail to cover you when a real disaster strikes. Just a piece of paper on which you have spent money, but now fails you. Buy wisely. Your home and property are your biggest investment and must be regarded as being worth the added protection. Discuss with your insurance agent all the possible circumstances that are truly realistic for your situation. Make sure your general homeowners policy carries plenty of coverage that allows for a total rebuild of your home if necessary and replacement of important possessions. Buy a standalone flood insurance plan if you are advised to do so.

Documentation

Make itemized lists of possessions. Take photographs of treasured family heirlooms and items you would like replaced in like value if they were to become stolen or ruined in a fire or storm. Videotape the rooms of your home, making a visual document that literally walks through your home and property. Then make sure to keep such important documentation safe either in a safety deposit box or in a fire proof safe in your home. Such documentation becomes the only proof when property and possessions are ruined or stolen.

Sara Chambers is a marketing consultant and an internet content manager for
http://www.homeownersinsuranceblog.com

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There are so many different options for home owner insurance, as well as
variables that go into deciding what kind of policy to purchase. Below are some
of the most frequently asked questions regarding home owner insurance to help
make your decision a bit easier.

1. What is home owner insurance? Simply put, home owner insurance is just
like any other insurance - it offers you financial protection in the event of
property damage or loss.
2. Do I have to have home owner insurance? Not always, but in the event
of property damage or loss, it’s nicer to have than not. If you borrowed money
in order to purchase your home, however, your lender may require that you have a
home owner insurance policy until your home is paid off.
3. Are there different kinds of policies? Sure. Aside from policies that
focus primarily on damage caused by different weather elements, theft,
vandalism, etc., you can get a standard policy, which will insure your home and
your possessions within your home, or you can get a package policy, which will
cover your home and possessions as well as any liability or legal costs.
4. How do I find a good insurance company? Shop around. Different
companies offer different policies at different prices. Some companies offer
certain discounts and/or allow you to purchase more than one kind of insurance,
such as both auto and home owner insurance.
5. What should I do once I purchase home owner insurance? Consider taking
inventory of your home if you haven’t already (some agents will request this).
Along with listing all your valuables, take pictures and videos of everything.
You may want to start hanging on to receipts, as well. You should also review
your policy from time to time to make sure everything that needs to be covered
is, and everything that doesn’t need to be covered isn’t. This can also help you
save money.

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