There are many factors that affect home insurance rates, with the most obvious being your home’s age, location, construction type, and whether you want something beyond the basics. Don’t think that “cheap house insurance” refers to basic, almost worthless insurance. There are some good companies that offer decent coverage at an affordable price. Once again, the rates you will be charged depend on factors such as your location and the kind of home you live in, as well as the size of your property.
Make sure your coverage is adequate. Don’t under-insure just to save a bit of money every month. You don’t want to over-insure, either. Only insure your house for what it would cost to rebuild it in the event that it is utterly destroyed – NOT for “rebuying” cost. This is a crucial distinction as the market value takes into account the location and value of your property. Its current worth will not be the same as the price it will take to rebuild it as things like construction, permits, and material costs need to be taken into consideration.
Another thing to look into when shopping around for cheap house insurance is how much of your personal property will be included in the coverage. You’ll need to take home inventory to estimate the value of your belongings – especially your more valuable items. Basic policies often cover things like furnishings and flooring, but what about your electronics, jewelry, art collection, clothing, and anything else of value? Find out how a home insurance company will cover everything.
Cheap House Insurance Types
Like all types of insurance, house insurance is often about premiums vs deductibles. Whenever you make a claim, your deductible is going to be the amount you agree to pay before your insurance coverage kicks in. It’s all about whether or not you want to take the risk of having to pay extra out of pocket for repairs in order to save on monthly payments. What if your home is utterly destroyed, though? What if you live in an area that is prone to disasters like tornadoes or hurricanes? Do you live near a body of water? All it takes is a foot or two of water to get into your home to make it unlivable.
What if you have to stay somewhere else while your house is being remodeled or rebuilt? You might want to look into policies that will provide you with resources to help you while you are temporarily unable to stay in your home.
The best place to help you obtain cheap house insurance is Lemonade. This organization makes obtaining insurance and filing claims a simple process. With Lemonade Homeowners Insurance, there is a flat fee, and claims are paid out super-fast.