Contacting your buildings insurer at the first sign of any structural damage to your home – for example, if cracks wider than the edge of a coin appear in a wall. The quicker a problem is identified the easier it is remedied. If you do see any cracks appear, check them out but don't panic. Most cracks turn out not to be evidence of subsidence and can be easily dealt with.
Actual cash value is fair market value. As a holder of condo homeowners insurance, you should also be mindful of these things. In a nutshell, fair market value is the amount that must be paid for your home – even if it is a condo.
To figure out how much coverage you need to protect your personal possessions, take an inventory of everything you own - furniture, appliances, stereos, TVs, sports equipment, tools, clothing, jewelry, linens, kitchen utensils, books, CDs, etc. Use the total value as the amount of your personal property coverage.
And you won't be left in the dark if you have any questions because the best insurance comparison sites have insurance professionals on hand to talk with you and answer any questions you have about homeowners insurance. (See link below.)
Insurance rates can vary dramatically from one company to another, so you can save a lot of money just by shopping around and making sure you're getting the best rate. The easiest way to shop for rates is to go to an insurance comparison website where you'll spend just a few minutes typing in your insurance information to get quotes from multiple companies.
To figure out how much insurance you need to cover your home, ask a contractor what the square-foot building costs in your neighborhood are, then multiply that figure times your home's square footage. Example: If it costs $175 per square foot to build a home in you neighborhood and your home is 1,800 square feet, you should insure your home for $315,000 ($175 X 1,800).
Your assets - Mobile home insurance reimburses you for liability lawsuit damages when your found guilty of injuring someone or damaging their property. It also pays your legal defense fees and court costs.
Your deductible is the amount of money you must pay toward claims before your insurer will pay. Increasing your deductible from $500 to $1,000 will save you 15% to 25% on your premium. Increasing it to $2,500 will save you up to 35%.
The deductible is the amount you pay toward any claim before the insurance company starts paying. The higher your deductible, the lower your premium. Raising your deductible from $500 to $1,000 can save you 15% to 25%..
Many people make the mistake of buying too much insurance because they base their insurance amount on the appraised value of their home, which includes the value of the land their home sits on. You only need enough insurance to replace your home and your home's contents in case of a total loss.