Buying Enough Home Insurance Coverage to Meet Your Household Needs

At NetQuote, we strongly recommend that you shop around for low-cost home insurance quotes, but always keep in mind that insurance is a tradeoff: The lower your premium, the less you’re covered.

Many people fall into the trap of focusing so much on saving money that they lack sufficient coverage to meet their household needs.

For example, most homeowner insurance quotes will specify coverage for damage to your home caused by theft, fire, lightning, smoke, frozen pipes, ice and snow. Basic homeowner insurance also provides coverage for liability claims, medical payments to third parties and legal costs if a lawsuit is brought against you.

However, insurers almost always exclude damages caused by an act of war, nuclear accident, flood, earthquake and terrorism. If you want financial protection against such occurrences, you’ll need to get homeowner insurance quotes that include special policies or endorsements covering these disasters.

Don’t Settle for Minimum Coverage
Mortgage lenders require that you purchase only a minimum amount of homeowner insurance. But barebones insurance doesn’t necessarily provide the amount of coverage you truly need. Get homeowner insurance quotes for the cost of completely rebuilding your home and consider insuring it for that amount.

Covering Your Valuables
Cheap insurance is unlikely to cover all of your high-priced or hard-to-replace items, such as engagement rings, watches, furs, antiques and other valuables. Ask for a home owner insurance quote that includes additional endorsements or floaters to protect these kinds of items.

What to Know About Deductibles
Some homeowners look to save money on insurance premiums by opting for a higher-than-minimum deductible – $1,000 or even more. But there is a drawback to choosing this savings. In the event of a loss, you have to pay this amount out of your own pocket before your homeowners insurance kicks in. So if your homeowner insurance quotes include a high deductible, be sure you’re financially prepared to handle this payment.

With NetQuote, you can find the lowest in discount homeowner insurance quotes, but don’t sell out your future to save a few dollars today. Make sure your policy provides all the coverage you really need.