It can be a daunting task to make your way through the many Montana home insurance companies and fully understand what they offer in the way of coverage. You should carefully consider all the facts, especially when you realize that for most people, their home is their greatest investment. It is also most people’s greatest financial asset. So it is wise to make smart choices when it comes to formulating a policy that is right for you and your needs.
Many consumers don’t know a lot about Montana home insurance and once they have purchased a policy, most tend to stay with the same insurer, year after year. Like all insurance policies, your home insurance coverage needs to be reviewed annually (or perhaps more often, depending on your circumstances).
It’s easy to forget that things you purchase for your home add value to your personal property, so the cost of replacing these items, whether due to theft, fire, smoke or water damage, can all increase substantially. Also, improvements and/or additions you make to the structural property itself can increase its value and the amount of coverage you have with your policy may need to be increased accordingly.
We are all aware of the problems many people had with their claims after natural disasters destroyed much or all of their property. Unfortunately, many consumers are unaware that specific coverage for earthquakes, hurricanes, etc. are oftentimes considered “extra” and as such, they have to be written into your policy separately and at additional cost. You will need to consider Montana home insurance to protect you in case of theft, also.
Most people greatly underestimate the replacement cost of all their possessions. And again, if you own high value jewelry pieces, artwork, antiques or the like, you may be required to list these items separately and have appraisals and photographs on file with the insurance company.
Remember that renters need Montana home insurance, too! Your personal property has value and you need to protect it in case of theft or damage due to fire, storms, etc.
When you have read the following article and decided on the type of policy you want, contact the people at insuranceUSA.com. They will offer you reliable quotes for the policy that is right for you!
Choosing Your Montana Home Insurance Policy
Generally, there are two types of Montana 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 Montana 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 Montana home insurance policy rather than buying several types of separate coverage.
There are seven types of Montana home insurance policy options available. Each type of Montana 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 Montana 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 Montana 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 Montana 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 Montana home insurance policy is also known as the Special Form Policy, and it is the most widely used type of Montana 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 Montana 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 Montana 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 Montana home insurance policy is the same as the HO-4, but it is specifically for condominiums.
Homeowner’s-8 (HO-8): This Montana 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 Montana Home Insurance Do you Need?
Buying Montana home insurance means you will need to know your home’s value, which entails determining how much it would cost to replace it if totally destroyed. Many insurance companies require a physical inspection to determine the home’s appraised value.
When applying for Montana home insurance, you should compile an inventory of your most valuable possessions. Save your receipts from any major purchases, take photographs of things such as furniture and appliances, and make sure you update your inventory yearly or whenever you make a major new purchase.
Buy enough Montana home insurance to cover any loss you may incur, but not so much that you can’t afford the premiums. Make sure you talk to your insurer if you have any questions.
Feel free to use InsuranceUSA.com to research Montana home insurance and request a free quote.
Non-Renewals and Policy Cancellations
State laws mandate that your Montana home insurance cannot be simply cancelled during its “term period”. However, if you fail to pay your premiums or make any false claims, your insurance company can legally cancel your policy. Also, if you are convicted of a crime; make modifications to your property so as to deem it uninsurable; or create conditions wherein the property is considered unsafe, you may face cancellation as well.
Once the term period has passed, your insurance company reserves the legal right to cancel or not renew your policy. In any event they must provide the policy-holder with adequate written notice.
Buying Montana Home Insurance
Before considering buying Montana home insurance it is important to make sure that the company you are dealing with is legitimate. The easy way to check out a company is to ask for a copy of their Montana issued insurance certificate which will have their license number on it.
Once you start to work with an Montana home insurance company they should give you a survey to complete. Make sure that you answer it with as much detail as possible and don’t miss out any of the questions.
When buying Montana home insurance, services are as important as cost. The last thing you want to do is pay less but have to wait a long time for your claim to be processed.
Buying Montana Home Insurance on the Internet
Shopping online has become one of the fastest and easiest ways to shop, this includes when you are looking to buy Montana home insurance. Just click online and do a search for Montana home insurance. If you want to find a great jumping off point for your search of home insurance just go to InsuranceUSA.com You will find multiple companies who are willing to give you a fast quote. Make sure that you complete their forms in detail so that you receive a comprehensive quote in return.
Remember that quality is as important as price when buying Montana home insurance. You need to be comfortable with the knowledge that if you need to make a claim, the company will deal with it in an efficient and effective manner.
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