And though home insurance is a very important aspect of protecting your wealth, you can still find a comprehensive policy at a price that won’t break your budget. The Insurance Information Institute, an independent source of insurance information for consumers, recommends the following:

#1. Shop around and put your policy out for bid regularly There are hundreds of insurance companies and thousands of brokers out there, all of which sell home insurance policies. But don’t waste time searching through the Yellow Pages to contact random agents shop online here at fastcustomquotes.com and receive multiple insurance quotes from local agents.

#2. Taking advantage of discounts. You may be eligible for numerous discounts which can lower your home insurance costs. Be sure to insurance companies about discounts for:

• Buying several policies through the same insurer such as home, life auto etc.
• If your home is within 15 miles of a fire station you are eligible for another discount
• Installation of burglar alarms certainly helps
• Installing multiple smoke detectors is a must for safety but may also help lower your premium

#3. Raising your deductible. Your deductible is the amount you pay on a claim before the insurance company takes over. Therefore by raising your deductible you will be at risk for a higher payment in the event of a claim. The good news is that the higher your deductible the lower your premium will be. The key is to select a deductible you can afford; you don’t want to break the bank if you need to file a claim.

#4. Making routine home repairs. You can take control of future premium increases by becoming proactive now. Invest some time, money and effort into making timely repairs to your home and its surroundings. Are there tree limbs overhanging your house? Are you in a part of the country where wind or freezing rain could cause those lims to fall on your roof? If so, get the chainsaw out or hire a professional to trim those trees. It will reduce the chances of a future damage and a potential claim. You will be rewarded by having a clean claim free history which may result in lower premiums.

#5. Maintaining good credit. Many homeowners are either shocked or pleasantly surprised to learn of the relationship between insurance rates and their credit history. Credit plays an important role in many things and this is just one more. The higher your credit score the lower your premiums. All other things being equal of course. The good news is that some states are questioning whether credit scores have any predictive validity in determining premiums for home insurance. But for now it’s still a widespread practice. So pay your bills in full and on time if you possibly can!

You’ve got the tips—now start saving at fastcustomquotes.com!

Now that you’re armed with the money saving insurance tips, you’re ready to start shopping. You can start here by entering your zip code into our quote box at the top of this page. You’ll receive up to 5 free home insurance quotes from local agents, allowing you to compare policies and premium prices and pick the quote that best fits your needs.

What is covered in a standard homeowner's insurance policy?

A standard policy has four primary types of coverage: coverage for your home structure, your personal property, liability protection and usually additional living expenses in the event of a claim.

Structure of Your Home

Obviously, home insurance is not something to skimp on. You should purchase enough insurance to cover the complete costs of rebuilding your home if it is damaged or destroyed. Most standard insurance policies also cover structures such as garages and sheds that aren’t attached to your home as well.

Liability

Liability coverage protects against bodily injury and property related lawsuits. It also pays for your attorney fees and court expenses and any money you might be required to pay, up to your policy limit. This also includes no fault medical coverage, if someone is injured in your home or on your property.

Personal Possessions

Most insurance policies offer coverage of your personal possessions. You should conduct a thorough home inventory to assess the value of your possessions before you purchase insurance, so that you can determine what amount is needed. Most policies cover your belongings providing you have documented the major items such as furniture, jewelry etc.

Additional Expenses

In the unfortunate likelihood that your home is damaged so badly that you must abandon it while it is being rebuilt, a standard policy will pay for your expenses related to living such as: hotel stay, restaurant expenses and will even reimburse you for money lost, if you rent a room within your home.

Is my home covered in the event of an flood or earthquake?

You would need to purchase flood and earthquake insurance separately in order to have that type of coverage. Most insurance companies offer this riders or add on policies for this type of coverage. Since often these riders differ from coverage for other disasters, it is important to read your policy carefully and fully discuss any questions and concerns. For example, earthquake insurance typically covers only a certain percentage of the damages instead of a dollar amount. Talk to your insurer to get the details.

What is the difference if any between actual cost value and replacement cost for my home?

An actual cash value pays to rebuild your home, subtracting out for the cost of depreciation. A replacement cost policy pays to replace your home and belongings without a deduction for depreciation.

Am I required to buy home insurance?

You are not legally required to have home insurance like you are car insurance. However, if your home has been financed through a mortgage company, they will definitely require you to have some kind of insurance policy in order to protect their investment. Even if your home is paid in full, it is most certainly wise to have home insurance to protect your most important investment……your home! Get free quotes for home insurance from fastcustomquotes.com at the top of this page.

Why take a home inventory at all?

According to the Insurance Information Institute, having an inventory of items in your home can dramatically speed up the claims-filing process and allow you to get reimbursed for damages much quicker. Having a home inventory also allows you to verify losses for your tax returns, and help you purchase the right amount of coverage to protect your valuables.

The purpose of this article is to prevent you from getting overwhelmed by task of accounting for all of your possessions. We’ve put together five easy steps for making home inventory as easy as possible.

Step 1: Make a List

Begin your inventory by making a comprehensive list of your belongings, where you bought them, and how much you paid for them. When it comes to inventorying electrical equipment and appliances, it is important to record the serial or product number. This information can usually be found underneath or on the back of appliances.

The Insurance Information Institute recommends creating a separate category for clothing. This would include counting each piece and making note of any items which are especially valuable or expensive.  For example any designer clothing, expensive suits, etc.

Keep it simple tip: If making a list seems daunting, start small. Keep track of recent purchases and document large items first and work your way down the list towards older and smaller and less expensive items.

Step 2: Focus on the Most Valuable Items

Antiques, jewelry, artwork, and collectibles can be especially devastating to lose. Once you have created your home inventory list, make sure to highlight those items in a separate list. You may even want to have some of your valuables appraised, if you’re not sure what they are really worth. A professional appraisal can also provide much needed documentation for very expensive items and speed up the claims process as mentioned in step one.

Once you have your list of most valuable items, you should ask your home insurance specialist if those items will be covered in full by your home insurance policy. Certain items, like collectibles and antiques, may not be covered under a standard home insurance policy. If that’s the case, you will certainly need to purchase a policy extension or rider to make sure they are included in your policy and covered in full.

Step 3: Take Lots of Photos

Taking photos of your home and personal possessions is highly recommend by insurance professionals. By creating a visual record for both yourself and your agent, you can offer proof to your insurance company of the existence of any items that you may not have documentation for. Taking a video of your entire home is also a great idea.

After you’ve photographed or videotaped your entire interior of your home, be sure to label the memory card, prints, or video tape, including what is included and when the record was made.

Step 4: Copy Your List o to your PC

Very important step! Maybe you are way ahead of us and have created the list on your PC, but if you have not this is an essential step. You’ll want to enter your home inventory onto a personal computer for safekeeping. In conjunction with your photos, video, appraisals and paper lists, making an electronic file will serve as an added layer of protection.

Keep it simple tip: Store these files by emailing them to yourself. This creates an electronic copy away from your home. In the event of a claim you can simply log in to your e-mail account and have all the records available to give to your insurance company.  You can also store your home inventory in a central location such as those offered by Google Documents, which is a free application. The Insurance Information Institute also offers a free program called “Know Your Stuff” which you can use to document your personal possessions for every room in your house.

Step 5: Store Your Home Inventory in a Safe Place

For yet one more layer of protection, store your home inventory documents somewhere away of your home so that they will not be damaged by flood or fire. Give copies to a friend or relative or pay a small fee for a safe deposit box at your bank.

Now that you have secured documentation for your homes contents, it is important to remember to update the list regularly! At a minimum you should review the list annually and make any necessary adjustments. Remember to take pictures along with keeping copies of receipts. Follow the steps above for creating duplicate copies outside of your home. Also remember to delete items from the list if you no longer own them.

Keeping your inventory up to date in detailed fashion will speed up the claims process if disaster strikes. It will also ensure that you have an adequate amount of insurance coverage. So don’t be intimidated by keeping track and making a list of your possessions. Use the simple steps outlined above to get it done quickly and painlessly!

If you do own one of the these types of breeds, you may be paying a higher premium than your neighbor with the cute Puddle with a pink bow in it’s hair.

You’re not the only one who is at first shocked and then thinks this practice is unfair. Dog lovers label this “breed discrimination” and they are actively lobbying many states legislatures in hopes of ending it. Deeds not breeds, they say, should determine home insurance premium rates.

But insurers have good reason to be nervous about certain breeds of dogs. According to the Insurance Information Institute, insurance claims totaled over $317 million in dog bite related claims in the year 2005. The Insurance Information Institute claims that dog bites totaled about 10 percent of all homeowner liability claims that year, a very sobering fact to be sure!

While canine advocacy groups can sometimes sympathize with insurers, organizations like the Humane Society and the American Kennel Club believe breed-specific rate setting is the wrong way to handle potential dog aggression. The truth is, that all breeds bite, including that cute Puddle that just took a chunk out of my leg. The best way to reduce dog bite liability insurance claims is to encourage and reward responsible dog ownership and even add incentives for dog training classes.

The Humane Society and the American Kennel Club have persuaded a few state legislatures with their arguments. Several states have already banned breed specific rate setting, and others are establishing bans on this practice. State legislatures are adding more emphasis, in the form of both rewards and punishments, on dog owner responsibility.

The American Kennel Club believes dogs can be viewed more as an asset to insurers than a liability. The American Kennel Club strongly argues that a dog serves as “a natural alarm system whose bark may prevent intruders and deter potential theft.”

The good news is that if your dog does take a bite out of a burglar, you’re not liable for any injury claims. All you need to do is make sure your dog can distinguish between the good guys or girls and the bad ones.