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Home insurance provides financial protection against any property damage, theft, or personal liability relating to your home. It not only protects your most valuable asset, but also limits your liabilities associated with it. Premiums for home insurance are commonly paid monthly, yearly or may be included in your mortgage payment.

Home insurance premiums are primarily dependent on the following factors:

â?¢ Value of the property: you pay higher premiums for a more expensive home.
â?¢ Deductibles: if you are willing to pay some small part of the damage, before the insurance company pays the balance, it is called a deductible. Your insurance premium will be lower if you choose to pay higher deductibles.
â?¢ Location: the potential for damage is greater in some areas, and so the premiums are higher as well. Home insurance rates vary in different localities and are higher nearer coastal areas.
â?¢ Degree of Protection: insurance premium depends on the degree of protection you want to be covered.
â?¢ Discounts: you may obtain some discounts on your insurance by installing some protective measures in your home, like alarms and smoke detector systems.

If you own a home, you definitely need home insurance too, and a mortgage lender typically requires it. You need to determine whether to purchase extra insurance to cover against floods and other events not covered in the standard insurance policy. If you are a renter with substantial household assets like expensive furniture or computer equipment, you should also purchase your own content insurance policy, as it is unlikely that all your valuables will be covered by your landlord's insurance in the event of damage.

At times, lenders will try to lure you with a very low mortgage interest rate, and will then try to convince you that you must purchase their in-house insurance policy. This method is called bundling, and these types of policies are more expensive in the long run, as they are specially designed to compensate the lender's losses in terms of interest gained. Although it might sound like a good idea to get everything from one place, you have to calculate the financial pros and cons before taking any decision.

Author Joanna Milesdate added 2009-08-26 08:55:31

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