Home Insurance FAQ
Home Insurance Basics provides a comprehensive overview of homeowner insurance and renter insurance, with topics about types of home insurance, types of coverage, home insurance basics, money-saving tips, and more. This page is an overview of frequently asked questions.
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How are home insurance rates determined?
Home insurance rates are determined by a number of factors, including amount of insurance, location, credit history, claims history, and type of home construction. Visit the Home Owner Insurance Rate page for more details.
Is homeowners insurance necessary?
Yes, in fact lenders require that you purchase homeowners insurance if you have a mortgage. Consider the consequences of not having an insurance policy, and you quickly see the value that affordable home insurance coverage can provide for one of your most important assets. Review the section Why Should I Buy Home Insurance? for more details.
What protection does a home insurance policy provide?
While insurance policies vary from company to company, there are basic coverages, such as fire, windstorm, theft, smoke, etc. and more comprehensive options that include water damage, falling object, weight of ice/snow/sleet, and more. Check the home insurance policy coverage carefully to fully understand the level of protection you have. For more details, review Home Owner Insurance Policy.
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Why should I take an inventory of my personal items?
This is one of those suggestions that can’t be emphasized enough – having a record of your personal possessions, including descriptions and estimated values, will serve as supporting information in the event that you need to file a claim. Be sure to keep this inventory listing in a safe place, away from your home, so that it is not damaged or destroyed.
Do I need to purchase flood or earthquake insurance?
The answer to that question depends on your location – some areas of the country are in high risk areas for these occurrences. If you reside in an area that has potential for flooding or earthquake, you should consider this additional coverage. Keep in mind that these areas are not covered under a standard home insurance policy, so you will need to purchase them in addition to your policy.
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Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
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