Whether you're purchasing a new home, your first home or just examining your homeowner's policy, you will have to keep some things in mind. Homeowner's needs can change from time to time and it is mandatory you get insurance on your home irrespective of which area you are going to live in.
There can be several different things that can positively or negatively alter they way you live if home ownership is something new to you. In all probability, if you moved into a new area that is near a flood plain, you would have been asked if you needed home insurance. But what many people do not realize, is that floods can occur even if the house is nowhere near water.
Water damage can affect your home is several ways and not just by a river or creek overflowing. The public water supply canals can burst or the water pipes in your house can do the same. Sewer systems can face problems and flood your basement or the bathrooms on the first floor. Cyclones and torrential rains can cause street and neighborhood flooding. Do you really wish to challenge Nature's wrath and shoulder the risk of paying for repairs? If statistics are to be believed, even desert homes can get flooded every 4 years or so. Wherever possible, it is highly recommended that you get home insurance against man made or natural flood damage.
If you have not moved base and shifted to a new home, you might not know how much stuff you have accumulated over the years. You will have to identify which possessions you need to transfer to your new home and which you want to give away or dispose of. However, if all the contents in the house are insured, you need not give away a single thing.
Have you just recently changed a household appliance or bought a brand new home theater system? Did you purchase new furniture or a new jewelry piece? Ensure that all these items are listed in the homeowner's policy. Make sure you have the serial numbers of the items you are insuring.
Take photos of everything and anything in your house no matter how important or unimportant it is. Then transfer these pictures onto a CD and make sure you keep it a safe deposit locker or any other secure place. This way you will have proof of all the items you possessed, in case there's a fire or any other damage to your home.
Review your homeowner's policy each year to be sure that everything is covered. You may want to raise your coverage as you make improvements or discover you forgot to include something important.
Wherever you can save money, do so, since home ownership is not in the least cheap. Make sure you get quotes from different insurance agencies before you finally decide on one. Do not just go for the cheapest. Go for the one that has the best coverage to price ratio.