Home Insurance Quotes, Coverages And What You

Does home insurance cover just your home or do you get other coverages with your premium? How do you get the best rate? These are some of the frequently asked questions people have when shopping for a home insurance quote.

Most home owner insurance policies provide coverage for:
1) The dwelling (your actual home) and other structures on your property (sheds, etc.) -- Coverage is typically known as "replacement cost." This means that your home will be repaired or rebuilt after a loss using similar materials and construction methods. How much should that be? You can ask a local realtor, builders association or insurance agent to help you determine the current cost-per-square foot of homes in your area, then multiply that by your home's square footage. This will give you a good start on how much coverage you need when getting a quote.

2) Personal possessions -- Furniture, bicycles, computers and other personal possessions are also covered against, fire, theft and other losses. The amount of coverage is typically based on a percentage of the coverage you have on your dwelling. If this percentage is not enough to cover what you estimate the cost of your possessions is, you can get endorsements and increase limits for additional coverage.

3) Liability -- Liability provides protection in case someone sues you for bodily injury or property damage that you, a family member or a pet caused. You'll have to ask what the standard coverages for liability in your home owner quote are.

4) Living expenses when you can't live in your home due to a loss -- This coverage varies from company to company, but typically helps pay for temporary living expenses while your home is being repaired if it is uninhabitable.

How much you pay for home insurance depends on several factors including the coverages you get and the company that insures you. When shopping for a home owner insurance quote, the best way to save is to get at least three different comparison quotes because rates vary from company to company. And be sure to ask and fully understand the coverages you get with a policy before you buy.