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Understanding Home Insurance

Whether you're purchasing a new home or you've lived in yours for years, protecting your castle should be priority #1. That means finding the right home insurance with coverage specific to your abode and finances.

Since the type of home you live in helps determine the policy you need, figuring out what to ask for shouldn't be too hard. But you also need a basic understanding of each policy type to guide you as you shop for quotes.

That's why we're here: to show you your options, help clear up confusion, and get you and your home insured—now!

More or Less: Which Is Better?

When it comes to home insurance, less may not be better. If a strong storm blows through and damages your roof, or someone gets hurt walking up to your door, you need enough coverage to repair the damage or pay the medical bills, regardless what type of policy you have. Otherwise, you could be held personally responsible.

Surprisingly, depending on the home insurance company you choose, you may be able to get a higher level of coverage at a cheaper price than expected—especially if you've never filed a home insurance claim. So don't automatically take the least coverage offered. Ask questions and compare policies before making your final decision. It could save you a lot of heartache down the road.

What to Expect

When you talk to insurers, they'll need some basic information to get you accurate quotes. Since most home insurance covers both the structure of your home and your belongings, one of the first things they'll ask is what kind of home you live in. Then you'll need to provide information such as your name, address and other personal information.

You'll also need to decide whether to insure your home for its replacement cost or actual cash value. Replacement cost pays to replace your home at today's value without deducting for depreciation. Actual cash value, on the other hand, does consider depreciation. Though replacement cost might set you back a bit, if you ever face disaster it could enable you to rebuild your home at no additional cost.

Insuring Your Castle

To help you learn more about home insurance, we've listed some basic information about each type of policy below so you'll know what's covered. For additional details, ask your quote providers.

One note of caution: certain natural disasters, like earthquakes and floods, are usually not covered under homeowner’s insurance policies. You must find this kind of specialized coverage separately. If you live on a flood plain or in an earthquake-prone area, let the agents you work with know so they can help you find additional coverage to guard against these risks.

Standard home insurance

A standard home insurance policy covers your property against perils that threaten the structure of your home or your belongings, like hurricane, fire, lightening, smoke, explosion or vandalism. If someone is injured or killed on your property, it also provides coverage against legal liability.

“Dwelling” insurance

Dwelling insurance is basic home insurance without legal liability coverage. In the event of loss or natural disaster, it covers your home and possessions only.

Condominium/Renter's insurance

A more limited type of dwelling insurance, renter's insurance covers only the contents of your home. However, if you are financially responsible for parts of your home's structure, let your insurance agent know, as broader coverage is available.

Farm/Rancher's insurance

If you live on a farm or ranch, you need more than basic homeowner’s insurance. Farm insurance protects your farm or ranch home from damage or loss resulting from natural perils like tornados. It covers both liability and the property itself. If your property has commercial value, your farm insurance can handle that as well.

It's time to take action!

Now that you're equipped with some basic information about homeowner’s insurance, it's time to start shopping for coverage.

Apply for your free quotes and insure your home today. GIQ makes affordable home insurance easy!

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Carriers Represented by Agents in our Network:
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  • and many more ...