Frequently Asked Questions Questions about home insurance answered.
Q: Why should I use QuoteWizard to compare rates on home insurance?
A: QuoteWizard will connect you with up to four custom-matched insurance agents that will work hard to find you a policy that protects your home without breaking your budget. Our online form makes it easy to same time and money—often hundreds of dollars a year!
Q: Do home insurance rates really vary that much from one insurer to the next?
A: Yes, home insurance rates vary drastically from one insurer to the next. Every insurance company assesses risk differently, so it's important to talk to several different agents before settling on a policy.
Q: I don't want to talk to any agents. Can't I just get quotes online?
A: Some companies will give you a quote on their websites, but the best rates aren't online. And, because of the complicated nature of home insurance, it's important to talk to several different agents so that you can rest assured knowing that your home and belongings are protected.
Q: Do I need home insurance?
A: If you're still paying off a mortgage on your home, your lender probably requires that, at a bare minimum, the structural replacement cost of your home is insured. Even if it isn't compulsory, home insurance is a vital safeguard against natural disasters, fires, legal expenses, and theft.
Q: How can I save money on home insurance?
A: If you're looking to save money on home insurance, these are where to start: comparison shop, raise your deductible, purchase a multi-line policy, improve the safety and structural integrity of your home, get the right coverage limits, ask for other discounts. Your home is probably the most expensive thing you own, so it's vital to properly insure it. Read more in our six ways to save on home insurance article.
Q: What's the difference actual cash value and replacement cost?
A: These are two terms common to home and renters insurance policies. Actual cash value (ACV) is what something is worth and the time it is lost or destroyed. Replacement cost is what that item will cost to replace in the current market. For details, read are article about the difference between ACV and replacement cost.
Q: What should my deductible be?
A: Your deductible should be whatever you can comfortably afford to pay should you ever have to file a claim. A deductible of $1,000 means that if $5,000 worth of goods are stolen from your home, your home insurance will write you a check for $4,000.p>
Q: How often should I review my home insurance policy?
A: Reviewing your home insurance policy once a year is usually adequate, but significant changes to your home and belongings require that you give your coverage some extra attention. Whenever you make significant improvements to your home or major purchases, you'll want to make sure those improvements are covered by your policy.
Q: What if my roommate has insurance and I don't?
A: Renters insurance only covers the policyholder's belongings. It is often possible to add people to an existing policy, but this is only advisable if you are in a fairly stable living situation. Either way, renters insurance is an essential expenditure that is often under $200 a year. It's also easy to add on to an existing auto insurance policy.
Q: Is my wedding ring covered? What about my computer?
A: Usually, the amount you can receive for any one item caps out around $1,000. If you have items that are worth significantly more than your coverage limits, it's important to purchase special "floaters" to make sure that they're totally covered from theft or loss. Read more in our article about special riders for valuable items.
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