Home Buyers' Guide to Home Insurance

BROUGHT TO YOU BY HOMEINSURANCE.COM. CALL TO COMPARE QUOTES: 1-877-672-9654 A HOME BUYER'S GUIDE TO HOME INSURANCE EVERYTHING YOU NEED TO KNOW TO INSURE YOUR NEW HOME AND SAVE MONEY. BEFORE YOU BUY SHOP SMART CALCULATE YOUR A COVERAGE Find Homes Features That Questions Every Home Money A Insurance Buyer How Much is Too Much? ARE YOUR PREMIUMS DISCOUNTS YOU SHOULD BE ASKING FOR WINNING THE CLAIMS TOO HIGH? GAME See How Your Rates Stack Up (But Probably Aren't) Know What You've Got BEFORE YOU BUY Find Home Features that ROOF Will Save You Money House hunting is fun. Finding hidden savings is even better. The house below reveals hidden features that may STORM SHUTTERS UPDATED ELECTRIC SYSTEM help reduce your monthly home insurance premiums: UPDATED HEATING/ COOLING SYSTEM ALARM SYSTEM LOCATION FOR SALE НОМЕ AUTO BUNDLE FIRE & SMOKE DETECTORS DEADBOLTS ALARM SYSTEM DEADBOLTS Dial up the security and dial down your premiums. Ia Koep robbers away and premiums under control. I FIRE & SMOKE DETECTORS Ln A must-nave for fire prevantion and potantialy lowar rates. STORM SHUTTERS Lower your risk af storm damage and watoh your rateg tal. E HOME/AUTO BUNDLE Many insurace carriers wil affer savias of up to 20%. UPDATED ELECTRIC SYSTEM U. New wres equal fower fires. I UPDATED HEATING/COOLING SYSTEM . Sate and sound HVAC systens keep your risks lower. 19 CLOSE TO FIRE DEPARTMENT OR HYDRANT Quick emergenoy response equals less danage. UPDATED PLUMBING . Decrease your risk for water damage claims. FLOOD RISK a Homes in preferred flood risk areas will see lower Rood insurance premiums. E ROOF . your raof is 10 years or younger youl see the ditfearence in your rates. SHOP SMART Questions Every Home Insurance Buyer Should Ask As a home insurance shopper, you're going to have some of the biggest and most established companies in the country fighting for your attention - and your business. Now is the time to take advantage of your newfound popularity! TOP QUESTIONS TO ASK YOUR AGENT BEFORE YOU GIVE THEM YOUR BUSINESS ASK THIS REMEMBER THIS If you're not familiar with the ins and outs of the insurance business you may be tempted to jump What exactly does this policy cover? Saving money is great, but don't get blinded by a promise of low rates. Sure, you might wind up with more in your pocket - but if your home's not properly insured, you'll have less peace of mind. The standard coverage provided under a home insurance policy can vary depending on the type of structure it is protecting, but it should always be enough to cover the cost to repair or rebuild your home. at the first offer you get. But home insurance plans are not created equal. It's up to you to get the answers you need out of your potential insurance company. WHY HOME INSURANCE MATTERS Most homeowmers policies include What are the personal liability coverage limits for this policy? Your home insurance policy is not just there to protect the structure of your personal liability protection with coverage limits of $100k, $300k or $500k for a covered claim. Knowing Your home is a financial investment that nesds protecting. home but also to protect your finances in the event of a covered what each quoted policy includes will help you compare one with the next. lawsuit. Not paying in cash? Your lender will require home insurance before giving you a dime. Do I need additional protection? Some high-value items might exceed Got a baseball card collection? One of Marilyn Monroe's jackets? What about your uncle's numbered Beatles White Album on vinyl? Perform a home inventory to make sure everything's covered. the limits of a standard policy. Ask A solid insurance policy will protect your your agent whether you need family from financial loss. endorsements or riders, designed to protect specific items. Your claims agent can help make an accident recovery easier on you and your family. What's my deductible? Say some Your deductible amount is under your crisis does happen. You'll quickly become familiar with another control, so always pick one you can afford. While a higher deductible may insurance term: your deductible Before you can get any help from your insurance company, you have to chip in personally with your lower your premium, your out-of-pocket reaponsibility could be more than what you're able to pay You can also get coverage if someone sues you for an accident on your property. deductible. The Insurance Information Institute encourages policyholders to review their plans at least twice a year. How is this carrier rated by A.M. Best In addition to financial strength, the right carrier will include extras. Know what types of add-ons and extras are important to you. Ask potential carriers if they offer perks like 24/7 Claim Filing, Online Tracking, Mobile Company? When disaster strikes, the quality of your insurance carrier really matters. A carrier that has been rated highly by A M. Best Company is known as being financially strong, so you shouldn't have to worry about its Claims Services and Contractor ability to pay on your claims. Choice. CALCULATE YOUR COVERAGE How Much Insurance is Too Much? What you should expect Your home insurance coverage limits determine how much help you'll get from your policy when your home is damaged or destroyed by fire, lightning or another covered event. Your policy will also come in handy if someone is injured in an accident in your home, whether they sue or not. What you shouldn't expect Standard home insurance policies do not include coverage for floods earthquakes. Ь X. There are limits on your possessions, too, so you might want to bulk up your policy if you have high-value furs, jewelry or collectibles. How much coverage do you need? What you don't know could cost you. Your home insurance coverage does not have to equal the market value of your home, %3D remember, you'll still own the land. But you do need enough insurance to cover the cost of rebuilding your home should it be destroyed. CALCULATE YOUR COVERAGE Three factors to consider: • The square footage of your home • The local cost of construction • Any upgrades you've made Sauare Foetage Local construction cost per square foot Get a sneak peak at the coverage you may need for your home with a coverage calculator. Visit http://homeinsurance.com/calculators/home-insurance-calculator.php to estimate your home insurance dwelling coverage requirement or use the equation to the Estinated dwelling coverage right. You'll get three estimates – one for standard construction, one for a home with some upgrades and another for homes with top grade materials like granite countertops, wide-plank hardwood floors and specialty moldings. HRE YOUR PREMIUMS TOO HIGH? There's no 'flat rate' when it oomes to home insurance premiums. Your monthly insurance cost is based on how much coverage you need and where your home is located. For example, homeowners residing closer to the coastline or in tornado-prone areas often incur higher rates than those in other regions of the country. Are You Paying Too Much? Are your neighbors paying less than you for the same coverage? Use the map below to see how your quote stacks up against the state average. Know when it's time to shop around Even if you're not a new homeowner, it may be time for you to shop around for a new home insurance company. The Insurance Information Institute encourages policyholders to review their plans at least twice a year. You should also check your policy whenever you make a major upgrade See How Your Rates Stack Up. AVERAGE HOME INSURANCE RATES FOR US STATES AVERAGE US HOME INSURANCE PREMIUMS $1100 and up 2012 $827.38 $900 - $1099 lyear 2011 $745.46 $700 - $899 lyear 2010 $661.73 $500 - $699 lyear 2009 $687.52 $300 - $499 lyear Data not available Source 2012 HameOwnersnsurance.com O For an interactive map, visit: homeownersinsurance.com/rates 7 DISCOUNTS YOU SHOULD BE ASKING FOR (But Probably Aren't) Discounts vary depending on insurance carrier and state. Make sure to ask your agent about the following so you don't miss out. DON'T FORGET YOUR DEDUCTIBLE! Nonsmoker Discount: Drop the habit and see if your premiums drop, too. Let your home insurance carrier know if your home and family are smoke-free and you could save. Insurance is a safety net, not a coverall. Set your deductible as high as you can afford out-of-pocket and save in the long run with lower monthly premiums. Bundle Discount: Save time and money with multiple policies. If you insure your automobile and home with the same company, you'll typically see a discount on both premiums. Alarm System Discount: Do you have a burglar alarm, either local or monitored? Insurance carriers love it when you take steps to keep your home safe. Lower your risk and lower your premiums! Fire/Smoke Detector Discounts: There's no excuse not to get this one. As long as you have functioning smoke detectors and extinguishers in your home, you could quality. 55 or Older Discount: If you're 55 or older, retired and the home is your primary residence, you may qualify to save up to 20% on your home insurance. No early-bird special required. New Home Discount: If your home was built within the past 10 years, ask about new home discounts. Modern structures can be less accident prone and typically oost less to insure. Claims-Free Discount: Insurance companies love low-risk customers, If you haven't filed any claims within the past 10 years, you could save up to 20%! WINNINE THE CLAIMS GAME Know What You've Got Before it's Too Late You bought a great policy, and it's time to settle in to your new home. Don't wait around for disaster to strike before you take the next step in protecting your home and possessions. Create A Home Inventory DOWNLOAD A FREE INVENTORY TEMPLATE Hope for the best and prepare for the worst - that's the motto new home buyers should adopt. Now is the time to cover your potential losses with a home BY VISITING: inventory. If your possessions are damaged, you'll want to be able to show what you lost in detail. It's easy to download an online template or create your own HOMEINSURANCE.COM home inventory. YOU SHOULD ALSO RECEIPT S89.99 $36. 42 $100.98 $500.36 s965.23 $15.23 $99.93 Take photos so you've got a record of your valuables and their condition. Keep the receipts to help prove ownership and value. THE IMPORTANT STUFF On your inventory, include anything that could help: brief descriptions, age, model, serial number, purchase price and Furs / Jewelry estimated current value. Art / Valuable Collectibles Where to store your home inventory TVs / Electronics If you store your home inventory under the kitchen sink, it might not be very helpful after a kitchen fire. Try a fire-proof box in a closet or stash a copy at a friend's house along with a digital copy online. Guitars / Musical Instruments Sports Equipment / Tools The key to winning at home insurance is playing tight defense with a detailed home inventory and storing it in a THE NOT SO IMPORTANT STUFF safe place with easy access. The work will pay off when you need help the most. High School Love Notes / Yearbooks Your Collection of Happy Meal Toys Science Fair Projects / LEGO Creations Your Diary Your "Most Improved" Bowling Trophy About Homelnsurance.com, LLc Homelnsurance.com, LLC operates an online comparison shopping marketplace for home and auto insurance, making shopping for the best insurance rates from multiple insurance companies easy, fast, and efficient. Homeinsurance.com is partnered with top-rated home and auto insurance companies, including Travelers, Safeco Insurance, The Hartford, Liberty Mutual, Progressive, ASVArk Royal and Foremost, and is rated A+ by the Better Business Bureau. "Rates above are average rates based on policies sold by Homelnsurance.com over the past 12 months These rates reflect policies sold by Homelnsurance.com with various providers. including Travelers. Saleco Insurance, The Hartford. Liberty Mutual Progressive. ASI Ark Royal and Foremost. These rates may not be typical for all customers.