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Tips on Buying Home Insurance

Published Tuesday, October 28, 2008 by bloggerblognet22596 | E-mail this post

Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes. The home insurance policy is usually a term contract-a contract that is in effect for a fixed period of time. Perpetual insurance, which is a type of home insurance without a fixed term, can also be obtained in certain areas. After the sizable investment you have made in buying your home, furnishing and decorating it, you can insure yourself against risks with a home insurance policy. Your home insurance safeguards your most prized belongings: your home, your personal things and even your financial future.

Types of Cover
The buildings insurance covers your home's bricks and mortar, that is the home itself. Contents insurance covers your possessions inside your home, for example furnishings. Often specialist insurers are able to offer better cover or cheaper premiums than that provided by the banks and building societies as 'default' options attached to mortgages. The contents of your home are also covered against loss due to burglary or an attempted burglary. Your contents cover will be based on their value and although there will be a minimum recommended figure, based on your details, you may wish to increase it.

Getting a Quote
The first port of call should be your existing insurer; after all if it can beat or even match the best quote it saves the hassle of switching policy. Also check consumer guides, insurance agents, companies and online insurance quote services. When you've narrowed the field to three insurers, get price quotes. You should get as a minimum, three price quotes.

Getting a Discount
Most companies offer attractive discounts. Improve your home security and you can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Insurers provide discounts to reward behaviour that reduces risk. Online internet comparison sites can provide a quick reference point for getting your discounted quote. But beware!! Many comparison sites do not use all available insurers so make sure you try several sites. Although you want to lower your homeowners insurance cost, you also want to make certain you have all the coverage you need.

In Conclusion
Whether you make your home in a house, a condo, or a rental unit, the best way to protect it, your things and your liability is to purchase home insurance.

Jo Jude
http://www.needinsure.com
Jo Jude is a notable author of many articles related to finance, credit and insurance
To see more articles like this visit http://www.needinsure.com

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Tips on Buying Home Insurance

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