Homeowners insurance isn't a luxury, it's a necessity. Read Home and Social's top tips helps you to find the right policy and cover.

Don’t Make These Mistakes When Going For Landlords Property Insurance

Don’t Make These Mistakes When Going For Landlords Property Insurance

Becoming a landlord comes with various benefits. What is there not to love about having a source of income every end of the month and having someone else furnish your mortgage? The good thing is that the insurance industry has amazing products for the landlords. While investing in property is a sure way of having a guaranteed income, many people make mistakes when they go to buy landlords property insurance. 

Here are some of them: 

Mistake 1:  Failure to make disclosures to tenants

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Benefits of combining auto and home insurance

Benefits of combining auto and home insurance

Taking auto and home insurance has many benefits. This is because taking insurance is an important step that ensures that you do not suffer financial stress in case the insured event take place. In as much as insuring a car is a legal requirement, it provides relief if the car is damaged or stolen. The same case applies to insuring your home. You do not bear the financial burden of rebuilding your home in case your home is damaged. However, there is more to accrue if the two insurance policies are combined. Below are some of the benefits.

It is cheaper

If you have a car insurance policy with a particular insurer and a home insurance policy with a different insurer, it means that you are paying two separate premiums and deductibles. If you combine the total that you pay, it is more than you would spend buying the two policies from a single insurance company. To top it all, most auto and home insurance companies give discounts for multiple policies. By combining the two policies, you will end up spending less.

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The benefits of using home owners insurance calculator

The benefits of using home owners insurance calculator

Taking insurance for your home requires many calculations that are better done with a home owners insurance calculator. You will want to know how much you will need for dwellings coverage, the rebuilding costs and other calculations required when taking homeowner insurance. Home insurance calculator makes it easy to do the calculations required. They are provided online by most homeowners insurance providers to help their clients to do easy calculation that are insurance based.

Benefits of using a home owners insurance calculator

The calculators are easy to use such that you are only required to key in particular information and you get an instant answer. For instance, if you are using a calculator to know how much you need for your dwellings coverage, you may only require entering the footage of your home and your zip code and the calculator does the rest. Other calculators require different type of information depending on the insurer and what is being calculated.


You get immediate results of what you are calculating. As soon as you key in the information, you get instant results. Using the calculator helps in decision-making. With the results provided by the home insurance calculator, you can make a decision on the type of coverage you should use for your property and belongings. This is by basing on the estimated figures that have been calculated. For instance, you may use the calculator to get your replacement cost on your buildings and the contents of the home. This will help you to know if you have insured the proper value or your property is under insured. You may then decide to take another policy and adequately insure your home and possessions. You may also get the policy limits and coverage that is appropriate for you. Home owners insurance calculator helps in budgeting. It provides an estimate of what you are likely to incur in premiums. This way, you can budget for your insurance expenses before you even contact the insurance company.

Caution to take when using home insurance calculators

There are different calculators providing various calculations. You may find that each insurance provider has its own version. The calculators use different variables depending on the provider. you should therefore be cautious when using them because one calculator may give you one figure while another one may give a different figure. When you are making your final decision, you should not base it sorely on the results provided by the calculators. You should contact the insurance provider directly in order to find out exactly what it would cost you to take homeowners insurance. Remember that the calculators only provide an estimate of what you are looking for such as your dwelling cost, reconstruction cost, replacement cost and even policy limits. They do not have the exact figures. The information that is given out depends on what is fed to the calculator. If you would like to get a good estimate, it is important that you key in correct information while doing the calculations.

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Different types of home insurance

Different types of home insurance

There are different types of home insurance the same way there are different types of homes. Some people live in condominiums, others rent while others live in their own homes. Some homeowners live in old homes. All these types of homes have different insurance policies that are based on HO. There is insurance for condominiums, for renters, for homeowners and for those living in old homes. You should therefore choose the best value home insurance depending on your type of home.

Types of home insurance policies

•    HO1- this is the basic insurance policy that is provided to homeowners and it only covers 11 perils which include fire or lightning, hail or windstorm, malicious mischief or vandalism, theft, damage from aircraft and vehicles, explosion, civil commotion or riot, smoke, volcanic eruption, glass breakage and personal liability. It covers dwellings and personal property of the homeowners. The policy is hardly used nowadays due to narrow coverage.

•    HO2- this is broader than HO1 and it covers 16 named perils that are listed in the policy. Perils that are not named are not included. It is for homeowners with coverage for dwellings and personal property. it caters for living expenses due uninhabitable dwellings caused by any of the insured peril.

•    HO3- the policy is comprehensive and homeowners use it. It covers all risks on the home and other structures except those specified in the policy such as earthquake and flood perils. It is the most common with homeowners, it covers all risks on dwellings and the named perils such as those listed on HO2, on personal property.

•    HO4 is the policy for renters covering the same perils as HO3 but only for personal property. It also covers liability on personal injury and damage of other people’s properties.

•    HO5 policy covers both dwellings and personal property based on open perils. This means that all losses are covered except those excluded in the policy.

•    HO6 is for unit owners such as cooperatives and condominiums. Such homes have common areas and areas specific to each owner. The policy covers personal property, carpeting, ceilings, wallpaper, kitchen cabinets and built in appliances, against the 16 perils also covered in HO2. The policy does not cover the common areas and the structure.

•    HO8 is a policy for older homes that are owner occupied. The replacement cost of these homes exceeds the market value of the property. It provides for cheaper functional replacement considering that the insurance company insurers the home for more than it is worth. The coverage is on dwellings and personal property.

These types of home insurance are represented by specific policies. HO1, HO2, HO3, HO5 are policies for private homeowners. Their difference is that they have different coverage on perils. You should choose the one appropriate for your home in order to get best value home insurance. HO4 provides coverage for renters and HO6 is for unit homeowners such as condominiums. HO8 is for older homes that require more money to replace than they are worth.

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How to Understand the Homeowners Insurance Policy

How to Understand the Homeowners Insurance Policy

As a homeowner, you must understand the importance of insuring your property. This will wipe off the fear of sinking into a loss should disasters such as floods, storms, fire, hurricanes and other forms of accidents take place. 

What does a good homeowners insurance cover contain?

While some homeowners’ insurance policies come easy and cheap, property owners need to approach such policies with caution. Most of the cheap policies have turned out to be costlier at the end of the day. 

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