When it comes to getting the right home insurance coverage for the best possible price it pays to understand a bit more about the different policy options available to you.
First, it’s important to know that policy specifics differ from company to company.
So getting an “apples to apples” comparison is important.
Because the “cheapest policy” may not be the best value for you (and your family) for the simple reason that some discounted policies may not fully cover all of your assets, or offer options like full replacement value.
Generally, there are 3 types of policy options that home insurance can protect…
As the name suggests, this type of policy covers anything to do with your building.
If there’s ever a structural problem with your home this policy will cover the monetary costs of repairing and fixing the problem or issues with your home. What’s more, a “buildings only” policy will also insure the permanent fixtures of your home, such as stair railing, mirrors fixed to your walls, etc.
This coverage is important since structural repairs can easily costs you thousands of dollars to repair, especially if lingering issues with your home are not addressed right away.
When getting a quote it’s important to find out how much it would cost to rebuild your house.
Most people also choose to buy insurance for the contents of their home.
Contents insurance covers your personal property in the event that your house is robbed, or if your home is damaged from storms or fire.
Before you decide on whether (or not) to buy content insurance, you should first do an inventory of how much everything costs in your house. Most home owners are surprised when they start counting up the contents of the home and find that the bill to replace everything they own runs into the tens of thousands of dollars (flat screen TVs, laptops, tablets, etc.)
Buildings and contents Insurance
As you probably guessed, buildings and contents insurance includes the policies from both types of insurances.
For the best coverage and protection for ALL of your personal property this is the type of policy you should consider. As with any type of insurance policy, it’s important to ask about what is and isn’t covered by your policy.
Speaking with a knowledgeable agent about your options is the best way to get the right policy for your situation.
And should you want or need additional coverage beyond a “boiler plate policy,” many insurance companies offer policy riders such as
- accidental damage cover
- home emergency legal protection coverage
- personal possessions coverage
- collectibles or fine art coverage
Depending on your home’s location and other requirements it might make sense to select some specialized policy riders to ensure that all of your possessions are adequately protected.
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