Perhaps you have just acquired a new home and have considered buying insurance policies from your mortgage insurance company. You may be offered a fire insurance policy firsthand. But think a while. There is another option called homeowner's insurance policy wherein you may get better coverage at a lower cost.
What is Homeowner's Insurance Policy?
A homeowner's insurance policy is a comprehensive insurance program that covers the home, its contents, and any liability linked with the property. Typically, a homeowner's policy is the least expensive way of insuring a home.
Individuals or families, who buy a house, will most likely be
offered a fire insurance policy by the mortgage company. First time homeowners may not be aware that there are other options. More often, they will not be informed either. Later, they will discover that they could have bought a homeowner's policy for nearly half of what was paid. It pays to do some research.
What options are available in homeowner's insurance
policies?
For tenants, there is a renter's policy. It is similar to a homeowner's insurance policy except that the renter's variant only covers the house contents and liability, not the building structure.
Take note that the key element to purchasing good insurance policy is to provide, not to protect or profit. If you could afford a higher deductible, then you will get a better rate.
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