With various types of property insurance on offer today, it is hard to determine what works best for you. 

Here are some of the must-have insurance policies that every property owner must have:

1. Terrorism Insurance

Manufactured home insurance is for insuring homes that have been manufactured or factory built and then transported to the site where they are installed. Insuring them is similar to insuring other ordinary homes, except for some few differences. It contains the same coverage for dwelling, personal possessions and liability. The policy also has limits and deductibles. The home is insured using the conventional homeowners insurance though some insurance companies are starting to offer specific manufactured home insurance. However, the cost of insuring a home that is manufactured is more than insuring a conventional home. This is because the homes are prone to more damage from frozen pipes, storms and fire.
Some of the steps you can take to ensure you pay lower premiums are:

•    Ensure the home you are buying complies with the HUDs standards.
•    Insulate the home well to prevent freezing pipes damage
•    Minimize storm damage by buying a double wide home instead of a single wide. You should also secure it with ground anchors and tie-downs.

You should note that manufactured homes depreciate as they age, with their value reducing. This may mean that you have higher limits on liability coverage and dwelling protection than you should have. You should therefore reevaluate your home often to ensure you have the right coverage amount.

Additional coverage

Apart from the standard coverage, you may decide to include additional coverage to your home. Some of the areas you can cover that are not present in conventional homes include:

Known as the sunshine state, South Florida home insurance is something else. The state has one of the highest homeowner’s insurance rates with an average of $2,000 more than twice the national average. Despite the other benefits associated with South Florida such as the good weather, low property taxes and no income tax, most homeowners are finding it difficult to sustain their homes due to the high levels of home insurance.

When purchasing South Florida home insurance, it is important to ensure that you are covered for the perils that are likely to take place. Do not jeopardize your coverage for the low rates because you may end up spending money if a disaster occurs. For instance, if you take a policy without windstorm coverage, when it strikes, you will end up getting money from your pocket to finance or repair your home. However, you can still get lower rates and at the best coverage by shopping around and comparing different insurers.

What is causing the high insurance rates?

Various factors determine the insurance rates, such as the value of the home, the location, levels of crime and disasters that are likely to occur. In the case of South Florida, the biggest contributor is its proximity to the coastal line. This puts it at risk of extreme weather conditions such as windstorms and hurricanes. Some of the causes of high rates of South Florida home insurance are:

•    Water damage

If you own a home in Indiana, it means that you should take advantage of the homeowners insurance Indiana. This is because you need to protect your home against disasters such as windstorms, tornadoes, hail damage, fire and lightning among others. You can take the most common standard homeowners insurance which covers on most perils in addition to providing coverage for personal belongings and personal liability. This way, you will be cushioned against losses in case a disaster occurs. However, you should also note that some disasters are not protected by the policy such as damage due to floods, earthquakes and nuclear events. Although the state has its share of disasters, its average premium is less than the national average.

Disasters in Indiana

•    Tornados
In the case of Indiana, the most common disaster is tornadoes. To protect the homeowners against this, the standard homeowners insurance Indiana includes it. This means that if a tornado occurs, your home insurer will pay depending with your amount of coverage.
•    Flooding
Flooding in the state comes from the heavy rains in spring and snowmelt. It is therefore advisable for those living in flood prone area to take an additional cover on flooding because the standard homeowners insurance does not cover it. The flood insurance is federal backed by National Flood Insurance Program.
•    Earthquakes
Earthquakes are not included in the standard insurance but it can be included as an additional coverage for extra cost. They also occur in the state with the largest of 5.1 magnitudes having taken place in 1909.
•    Winter weather
During winter, some of the problems that may be experienced include roofs collapsing due to snow, frozen pipes, cracked foundations, damaged shingles and gutters. The good news is that your policy can help in covering the cost of repair such as damage to the roof, electrical wiring, and plumbing and on your personal belongings.
•    Thunderstorms
Thunderstorms come with hail, lightning and high winds. Lightning can cause electrical surges, which can damage electronics. It can also start fires. High winds can fell tress and branches causing damage to the home. Hail can damage windows and roofing.
A standard home insurance provides coverage for damage caused by the lightning, winds and hail. It covers the cost of repair caused by these elements.
•    Wildfires
Your homeowners insurance Indiana covers the cost of repairs to your home and personal possessions due to damage caused by wildfires.

Shopping for home insurance in Indiana

You should shop around for the best home insurance company to ensure you get the best coverage at affordable premiums. This could save you money in addition to getting a company that has coverage that meets your needs. One of the easiest methods to find a good insurer is using online quotes. By using comparison websites you can compare different insurers and end up with the best, all this at your own comfort. You can also save money by bundling your insurance needs to one insurer and by raising your deductible. You may also get discounts because of installing a security system in your home, using smoke detectors and using roofing materials that are fire retardant.

Every home owner takes a home insurance policy anticipating the insurer to make payments for repairs or replacements when the disaster strikes. However, most homeowners insure their homes for their mortgage value or the value of the home. This value is usually less than what it would cost to rebuild the home. If a disaster strikes, the insurer only pays part of the cost of replacing or repairing the damaged items. This may leave you to cater for the rest of the cost. If you have insured your home using the replacement value, the insurer pays for complete repair or rebuilding of the home. Below are some of the tips you can use to ensure that your home insurance policy insures your home to value.

•    Have an estimate of the rebuilding cost of your home. You can get this by multiplying the cost of building each square foot by the square footage of the house. You can get the building rates in the area by consulting the association of local builders or reputable builders your area. Your insurer or representative of the company may also know about the costs.

•    Know the factors that determine the rebuilding cost- there are various factors that determine the cost of rebuilding such as the costs of construction, the size in square footage and materials used to construct the wall such as frame, veneer or masonry. Others include the house style if it is colonial, ranch or contemporary, number of bathrooms and rooms, roof type, garages that are attached, fireplaces and special features. If your home has special features, more square footage and construction using expensive materials, then the rebuilding cost will be high.

•    Reevaluate your policy- make sure that each year you check your policy’s value against the rising local cost of building. This will ensure that you have enough insurance to cover the cost of rebuilding in case a disaster occurs. You should also check with your insurer if there is a clause for inflation guard. This adjusts the insured limit automatically when renewing the policy to give a reflection of the present costs of construction in the area. Make sure you keep yourself updated with the building costs.

•    Know about the latest local building codes- building codes provide the minimum standards in which homes should be constructed. A completely damaged home may require the rebuilding to comply with new standards by changing the design or materials for building. This can result to more costs. Familiarize yourself with the building codes and ensure that your insurance coverage is enough to cover the cost.

•    Do not use the market value to insure- the market value is different from the cost of rebuilding. It could be higher or lower. You should also not cover your home based on your mortgage value.

•    Include improvements- if you improve your home or make additions, ensure that you advise the insurer to adjust your limits to reflect the increased value of your home.