Article Sphere Logo

Home Insurance: Is It Worth It?

By Expert Author: Joseph Hanoa | Article Abstract
Word Count: 387 words | Views: 217 view(s)
If you own a home, then likely you have homeowners insurance on your biggest and most expensive asset. True, if you own your home outright, then there is no law requiring you to have homeowners insurance. Only mortgage companies will insist on insurance if they have a lien on your home. Is it wise to go without insurance? Should you? Keep reading and we shall look at the value of having or getting rid of your homeowners insurance.

Homeowners' insurance rates are spiking especially for homeowners in areas where hurricane damage has been high, such as Florida. Some homeowners are finding their rates have doubled or tripled in just one year while others are learning that their policy has been cancelled by the insurance company meaning they must shop for new insurance.

The temptation to drop insurance altogether is a big one, but a dangerous choice to make unless you have a bundle of money to absorb the loss.

Home insurance makes sense for the following reason:

-- If there is a catastrophic loss, then your home can be completely replaced. Just make certain that your policy has been updated to reflect the current replacement cost of your home. If you live in earthquake or a flood prone area, you will need to purchase separate insurance to cover these disasters.

You can save money on your policy via:

-- Comparison shopping. All insurers are different and rates can vary by as much a 10 to 20 percent. Shop around and don't just go with the best rate. Companies that pay a fast claim are worth more than a slower payer any day, even if there rates are high.

You are your home's best advocate because:

-- You know your home. You are in the best position to determine loss, therefore you must be aware of what is allowed or not allowed before filing for a claim. A tree that falls on your home means that you are covered, while floods and earthquakes are only covered through the writing of a separate policy.

Yes, insurance on your home can certainly seem expensive and almost worth dropping until you need to use it. Your insurance company isn't always your best friend, but they can be your only friend when disaster hits and able to help restore you financially if you selected the policy with the best coverage.
Joseph Hanoa

About the Author/Author Bio

Joseph is the proud owner of Money Info, a website that will explain everything you need to know about Home Insurance. We invite you to visit our site today and see what we have to offer.

Article Source: http://www.articlesphere.com/Article/Home-Insurance--Is-It-Worth-It-/53943

Article Tags: money, finance, insurance, homes

Article Submitted: 2006-10-11 | This Article has been viewed 217 times.

Rate Article

Related Videos

Insurance Tips: Homeowners Insurance Policies
How to Protect Your Home
5 Things to know about Homeowners Insurance
Homeowner's Liability
Water Damage - Are You Covered
 

More "Home Insurance" Related Articles

 
 

Listed below are more articles related to the above article from the "Home Insurance" article category.

People interested in the above article "Home Insurance: Is It Worth It?" are also interested in the related articles listed below:

 
Insurance companies do not always give you the best quotes. Also, it is not so easy to go on foot and get quotes from all the insurance companies around you. This is especially true when one is living in California. There must be thousands of insurance companies out there that are giving out more or less slightly different quotes.
Due to the recession many people might now choose to rent rather than buy a home. While attempting to save on living costs in this way, it can also be tempting to save money on insurance, but it's important to avoid cutting corners. Follow our guide to insurance for rental properties to ensure your possessions are protected.
When you buy a home you will need some home owner insurance. Every home owner needs to buy home owner insurance. Do you know what to include in this insurance policy? Losing your home without insurance would be disaster. Learn what you need to know about this insurance. Get some tips on what to look for when buy home insurance.
Most of people face at least once in life, a situation in which would be useful to have purchased a home insurance. Natural disasters can happen from one minute to another; theft, or human mistakes such as an out of control fire, can take away in minutes what took many years of work to be obtained.
Your home says a lot about you - your family, your interests, your wealth, your values - all reflected in the place you choose to live. So, by buying home insurance, you’re buying lifestyle insurance, guaranteeing that even if the worst happens, you’ll be able to rebuild your home and your life.
Swinton home insurance has issued ominous warnings to homeowners following the news that the month of March will reveal a distinct un - spring like weather. The company have urged all those concerned to ensure that necessary precautions are made to prevent an unforeseen mishap and an unfortunate claim on the home insurance policy.
The idea is so simple. You pay a premium and the insurance company protects you. Yeh, right! When you go out shopping, you read the labels before you buy, don’t you. Well, the same should be your habit when you’re buying a homeowners insurance policy. The article advises that before you buy any homeowners insurance policy, you read through to see exactly what is included and what is excluded. If something is missing, you should negotiate a separate endorsement to get the cover you need.
 
Article Directory Home All Categories Insurance Home Insurance
 

Can't find what you're looking for? Try Google Search!
 
Copyright © 2005 - by Larry Lim, Singapore - Article Search Engine Directory at ArticleSphere.com™
All Rights Reserved Worldwide. All Trademarks and Servicemarks are the property of the respective owners.

Afrikaans Albanian Arabic Belarusian Bulgarian Catalan Chinese (Simplified) Chinese (Traditional) Croatian Czech Danish German English Estonian Filipino Finnish French Galician Greek Hebrew Hindi Hungarian Icelandic Indonesian Irish Italiano Japanese Korean Latvian Lithuanian Macedonian Malay Maltese Dutch Norwegian Persian Polish Portuguese Romanian Russian Serbian Slovak Slovenian Spanish Swahili Swedish Thai Turkish Ukrainian Vietnamese Welsh Yiddish