Your home is one of your greatest investments. So it is important when you are searching the many Arkansas home insurance companies for whatever type policy you want, to be armed with the facts and knowledge that will allow you to make an affordable and sound choice.
There are many different types of Arkansas home insurance coverage and it is in your best interest to understand what is available and especially to formulate coverage that protects you and your home in the best way possible.
Most consumers don’t think a lot about home insurance. Like other types of insurance, your needs may change from year to year, depending on items you purchase (personal property) or perhaps upgrades and/or additions you may make to your property. These can all add value to your home, but it also means that you might need to increase the amount of coverage you have in case you ever need to file a claim. This is why it’s important to review your Arkansas home insurance policy annually (or more often depending on your circumstances).
Many people think of the normal types of coverage for their home insurance- fire, storms, earthquakes, etc. It’s wise to remember that many policies don’t include natural disaster-type coverage. They are considered “extra”, which usually means the specific type of coverage (flood, earthquake, hurricane) has to be added separately and also at an additional cost over the normal policy amount.
You want to make sure you have adequate coverage for theft, also. Most people woefully underestimate the cost of what they would need to fully replace personal property remember you have to think of all possible items- furnishings, clothing, jewelry, electronic equipment.
Smoke and water damage from a fire can be almost as devastating as the fire itself, so you need to protect yourself reasonably when choosing your Arkansas home insurance coverage.
When you have read the following information and are ready to pick your personal policy, insuranceUSA.com is ready to assist you with quotes from many different sources so that you can choose the plan which is just right for you!
Choosing Your Arkansas Home Insurance Policy
Generally, there are two types of Arkansas home insurance policy options available. The first is called a monoline policy, which contains just one type of coverage, liability insurance, for instance. The second type of Arkansas home insurance policy is called a package policy, and it is made up of several different types of coverage. As a rule, it is more economical to purchase a package Arkansas home insurance policy rather than buying several types of separate coverage.
There are seven types of Arkansas home insurance policy options available. Each type of Arkansas home insurance policy is briefly described below. For more detailed information on each policy and to find out which one best suits your needs, let the agents of InsuranceUSA.com help you out today!
Homeowner’s-1 (HO-1): This is the basic type of Arkansas home insurance policy, but one that is not offered by all insurance companies because it is very limited in its coverage. A few of the damage covered by the HO-1 Arkansas home insurance policy are fire, lightning, smoke, wind, hail, burglary, theft, vandalism and bodily injury. Carefully check the policy to see exactly what is covered with this type of insurance.
Homeowner’s-2 (HO-2): This Arkansas home insurance policy covers everything listed in an HO-1 policy, plus damage from falling objects, the weight of ice and snow, water leaking from a plumbing system, electrical damage to appliances, and damage due to the rupture of water heaters or other heating systems.
Homeowner’s-3 (HO-3): This type of Arkansas home insurance policy is also known as the Special Form Policy, and it is the most widely used type of Arkansas home insurance policy. Many lending institutions recommend using this standard policy. The policy covers homes for all risks of physical loss, except for those that are specifically excluded in the policy. It is important to understand just what is, and is not, covered under this type of insurance.
Tenant’s/Cooperative Owner’s – (HO-4): This Arkansas home insurance policy is designed to protect against damage to the contents of an apartment as well as personal liability for injuries suffered in the apartment.
Homeowner’s-5 (HO-5): The HO-5 Arkansas home insurance policy provides the same coverage as the HO-3, plus it covers personal possessions in the event of physical loss, unless specifically excluded in the policy. The extra protection can be added to the HO-3 policy by buying a Special Personal Property policy.
Condominium Unit Owner’s (HO-6): This Arkansas home insurance policy is the same as the HO-4, but it is specifically for condominiums.
Homeowner’s-8 (HO-8): This Arkansas home insurance policy offers similar coverage to HO-1, but instead of replacement cost coverage, it offers actual cash value coverage. This is generally used in instances where the replacement value of the property is more than the market value, as is often the case with older homes.
How Much Arkansas Home Insurance Do you Need?
When considering Arkansas home insurance, utilize InsuranceUSA.com to do research and request a free quote. If you have any questions about your policy, make sure you ask your insurer.
When buying Arkansas home insurance, most insurance companies will insist on a home inspection to determine the home’s value. Also, make sure you compile an inventory listing your most valuable possessions such as furniture and appliances. Take photographs, hang onto your receipts and update your policy at least once-a-year to account for any additions or changes to your home.
It is important to have enough Arkansas home insurance to cover your home’s value in case of total loss or damage but not so much that you can’t afford the premiums.
Non-Renewals and Policy Cancellations
An insurance company cannot simply cancel an Arkansas home insurance policy and it must remain in effect for the “term period” provided nothing warrants its legal cancellation. Possible reasons for an insurance company discontinuing coverage during the term period include:
- Non-payment of premiums
- Felony conviction
- Modifying a residence so as to make it uninsurable
- Creating unsafe conditions at the property
- Committing fraud or otherwise submitting false claims
After the policy term period is over, an insurance company can cancel or not renew a policy for any legal reason. In such an event, adequate written notice must be provided prior to the cancellation or non-renewal.
Acquiring the Arkansas Home Insurance that you need
Checking to see if the insurer that you are interested in acquiring your Arkansas home insurance is from is legitimate is the first step in the process. If you don’t know the reputation and legitimacy of the provider just request a copy of their Arkansas home insurance certificate. This will give you their official license number.
A questionnaire will be given to your by the insurers that you consider using. Make sure that you fill this in completely so that the insurer can tailor the insurance offered to you to your specific needs.
Service is as important as price when it comes to Arkansas home insurance. The cheapest isn’t always the best option. You don’t want to have to wait a long time for a response if the need to file a claim arises.
Acquiring Arkansas Home Insurance using the Internet
Comparison shopping when buying Arkansas home insurance is very important. One way to do this is to shop on-line. You can either use individual companies or else you can buy your Arkansas home insurance using InsuranceUSA. Just complete the forms fully and accurately and you will get a quote that suits your needs.
Price should not be your only consideration when buying Arkansas home insurance. You also need to be happy with the service levels of the company that you are thinking about buying your home insurance from. They should be responsive and deal with you quickly and fairly.
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