what should i do before buying in on a house insurance????

Answer 1

If you have antiques, paintings, etc, get them appraised now and take photos of them. Place those appraisal papers and photos, in a safe deposit box, stash them at a friends or relatives home.

Every area (just about) in the US has experienced a flood at one time or another. That's why private insurance company's, bailed out of covering flood damage years ago. The only place you'll get that coverage, is from the federal government. If your in a flood plain or near one, you'll pay a bit for the coverage. If your well outside of a flood plain, the coverage could be be as little as $325 per year.

Next get an accurate appraisal of the house. Do not go by the tax assessors estimate of your homes value.

Pay extra for replacement value coverage, it's more expensive but if you have a major claim, the insurance company won't depreciate your loss as much as an average policy.

I learned that one the hard way after a fire. The insurance company raked me over the coals with depreciation's. For example: I had a color TV that I paid $500 for and I had it for four years. The insurance company depreciated everything 10% for each year of age. So I got a check for a couple hundred bucks. Try to buy a comparable TV for like $300, can't do it. Now imagine that happening to everything you own.

Get the highest deductible you can afford and you should be well on your way, to having proper coverage and protection.

Good luck

Answer 2

Here's a good site for info -- http://www.pueblo.gsa.gov/cic_text/housing/12ways/12ways.htm

Another good site for comparison is http://www.insurance.com/home.aspx?sid=1000002449.

I did a lot of online research before settling with USAA. If you've been an officer in the armed forces, USAA is by far the lowest rate anywhere. Otherwise, check out comparisons for your area. I'm in Dallas, and at one time it was difficult to even get insurance from some companies due to widespread mold problems in the city. Frankly, I've had terrible experiences with Farmers Ins. and State Farm, both of whom avoided claims like the plague and raised rates to outrageous levels. One even insisted that I replace my roof because it was 25 years old, even though nothing was wrong with it, or they would cancel me!

Most insurance companies i've dealt with have 1% of your home value as a deductible, and sometimes they'll allow you to have higher deductibles, which saves premium cost -- if you want to take the chance. Some policies allow for two deductibles -- one for normal problems and one for weather-related problems, which will also lower your premium if you elect both of them -- if you want to take the chance. A lot depends on the condition of the house, how old it is, what area you're in, the cost of replacement, whether you have fire extinguishers, security systems, and smoke alarms (you get a credit for those, which lowers your premiums). Just read a lot and do your research -- I'm a single older lady who had no idea what to do about insurance for my new house, but it was easy to find the info online.

Answer 3

Figure out what all needs to be covered. Do you live in a flood prone area? Most insurance policies do not automatically cover flooding. Also, call around and check rates.