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How To Buy Homeowners Insurance

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With additional expenses for medical care, and the possibility of lost income, it makes even more sense to protect yourself from losses as inexpensively as possible. This involves the following steps:

Step 1:Determine how much insurance you need.

  • Consider both the fair market value of your home and contents, and the replacement value.
  • You can get an idea about the fair market value of your home from a real estate broker, or web sites such as www.Zillow.com offsite link
  • Local experts can give you an idea of the value of your contents. Also consider looking on line at such websites as www.eBay.com offsite link

Step 2:Think about various methods for saving money on a Homeowners insurance policy. For information, click here.

Step 3: Comparison shop. To learn how,click here.

Make notes about what the insurance broker or company tell you concerning the coverage you buy.  Keep the notes together with any promotional material you are given. 

Don't assume coverage exists until you get a copy of the policy or at least written confirmation from the insurance company that the coverage exists.  A cancelled check does not prove that a policy exists.

NOTE: According to Consumer Reports (October, 2012), Amica and USAA consistently rank as the top two insurers for homeowners insurance in their readers' survey.


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