Home owner's with mortgages may be required by their lender to have home insurance. Many people may think that the policy terms required by their lenders represent suitable levels of insurance, but this may not be true. Lenders want to make sure that their exposure is covered, but that can happen without you being fully protected. Thus, it is important that you calculate your needs as well and make sure that they are reflected in your coverage.

Buying home owner's insurance starts with an application. Insurance companies require a wide range of personal information from your occupation, date of birth, social security number, and marital status. They will also ask you about previous insurance you might have had and any losses that you may have experienced. They will also need to know about your home. The type of home you have will reflect the cost of your insurance. The insurance company will need to know when the home was built, where it is located, if it is in the city limits, if it is not in the city how far it is from the city limits, what your house and roof are made of, what type of heat, and the general condition of the home. They will also ask you the distance to the nearest fire department and fire hydrant.

Protection devices such as deadbolt locks, smoke alarms, and security systems can lower your rates.

Once the value of your home has been determined, you will need to decided if you want to insure it for replacement cost of actual cash value. Replacement cost would be the replacement of your dwelling minus your deductible. Actual cash value would be the replacement cost of your dwelling minus depreciation and your deductible.

Home owner's insurance covers more than just your home. Your personal property is also covered. Also covered are other structures, loss of use, personal liability, and medical payments. Limits for these coverage's are usually based on a percentage on the value of your home. You can increase any coverage for an additional premium.

If you have valuable possessions, jewelry, fine arts, furs, or any other high value item, you my want to schedule these items on a separate floater.

To learn how The Stogner Agency can meet your individual insurance needs, fill out our no-obligation Quote Form or call us at (601) 684 4467.