It’s safe to say that most consumers don’t know a lot about Iowa home insurance! But when you stop to consider that your home is probably your greatest financial investment (and also your greatest financial asset), it is very apparent that you need to choose your Iowa home insurance wisely.
A home insurance policy basically covers your home and personal property in the event a disaster strikes. This can be in the form of storm damage, fire, theft, and even liability protection for accidents that can occur to someone while on your property (no one like to think of someone falling on their sidewalk or deck, but unfortunately, it does happen).
It can be rather intimidating to search through all the various Iowa home insurance companies and understand all the different types of policies available. You want to be sure you are getting all the coverage you need and expect and this means being armed with information!
For example, many people think their policies cover their loss when storms or other natural disasters strike. But the truth is many insurance companies consider coverage for earthquakes, floods, hurricanes, etc. “extra”. This means that unless you specifically have written in coverage for these occurrences, you most likely are not covered.
Your policy has to include them separately and usually at an additional cost. Also, you need to carefully consider the replacement cost of your personal property. Some insurance companies require you to list high value items separately, such as jewelry, artwork, antiques, etc. and have these pieces specifically named in the policy.
Remember, too, that there are some things you can do personally to prevent loss and minimize damages. These include installing and maintaining smoke alarms, installing a security system, keeping your home and yard free of debris, and placing fire extinguishers throughout your home. Just these small steps can make a big difference in lowering your Iowa home insurance premiums!
When you have decided what type of policy is right for you, contact insuranceUSA.com for reliable, affordable quotes!
Choosing Your Iowa Home Insurance Policy
Iowa home insurance policies vary according to individual needs and requirements. Generally speaking, there are two types of Iowa home insurance policy options to choose from – monoline and package policies. A monoline Iowa home insurance policy only has one specific type of coverage, such as liability.
A package Iowa home insurance policy offers several different types of coverage. The package policy may include property and liability insurance together, for example. For most people, it is more cost effective to buy a package policy instead of a monoline Iowa home insurance policy.
InsuranceUSA.com can help you decide just which Iowa home insurance policy is right for you!
There are seven standard types of Iowa home insurance policy options to choose from, depending on your personal needs. Each is described in brief below. For more information on these Iowa home insurance policy options available, contact insuranceUSA.com.
Homeowner-1 (HO-1): Offered by very few Iowa home insurance policy companies, this policy option has very narrow coverage. It usually covers damage from fires, lightning, smoke, wind, hail, burglary, theft, explosion, glass breakage, vehicle damage, riot and civil unrest, as well as civil judgments, medical payments, personal property, and expenses if forced to live away from home for a short period of time.
Homeowner-2 (HO-2): This Iowa home insurance policy covers everything listed in HO-1, as well as falling objects, damage from the weight of ice or snow, damage from leaks or freezing in the plumbing system, electrical damage to appliances, and damage cause by a rupture in the water heater.
Homeowner-3 (HO-3): Also called a Special Form Policy, this is the most common type of Iowa home insurance policy in use. It covers all physical losses, except for those that are specified in the policy. Exceptions often include floods, earthquakes, war and other disasters, natural and man-made.
Tenant/Cooperative Owner (HO-4): This Iowa home insurance policy is for renters or owners of cooperative units. This is used to insure against damage to the tenant’s possessions, and personal liability for physical damage suffered while in the unit.
Homeowner-5 (HO-5): This Iowa home insurance policy covers everything listed in HO-3, plus personal possessions against loss, except for specific exclusions listed in the policy.
Condominium Unit Owner (HO-6): This particular Iowa home insurance policy offers the same coverage as HO-4, but is used only for condominiums.
Homeowner-8 (HO-8): This Iowa home insurance policy option is similar to the HO-1 policy. The difference though is that it provides an actual cash payment instead of replacement cost coverage. This Iowa home insurance policy is usually only used in the case of older homes where the property exceeds the market value.
No matter what type of Iowa home insurance policy you need, InsuranceUSA.com is ready to help you get all the information you need to make the right choice!
How Much Iowa Home Insurance Do you Need?
When considering Iowa 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 Iowa 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 Iowa 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
Once you enter your Iowa home insurance policy “term period”, it cannot be simply cancelled or not renewed. In most cases, an insurance company must provide coverage for the entire term period regardless of the risk.
However, if the policy-holder fails to pay his premiums or files a false claim, the insurer can legally cancel a policy during the term period. Also, a felony conviction will usually warrant cancellation, or if unsafe conditions exist at the property or it is altered or made uninsurable.
In most cases, once the policy term period ends, the policy-holder will continue to enjoy uninterrupted coverage. If an insurance company does decide to cancel or not renew a policy, they can do so for any legal reason so long as they provide adequate notice.
Buying the Right Iowa Home Insurance
It is important to make sure that you are buying Iowa home insurance from a reputable source. In order to make sure that the company you are working with is properly registered with the Iowa authorities just ask for a copy of their Iowa license number. With this number you will be able to purchase your home insurance with real peace of mind.
A good Iowa home insurance company will give you a detailed questionnaire to complete before giving you a quote. Make sure that you complete the questionnaire carefully as it will help the company to provide you with a good quote.
Never underestimate the importance of good service from your insurance. The service levels that you look for should be as important as the price.
Buying the Right Iowa Home Insurance On-line
On-line comparison sites have taken a lot of the pain out of looking for Iowa home insurance. Just go to InsuranceUSA.com and your will get a great selection of providers to choose from. Make sure that when you use a site you answer the questions provided as carefully as you would on a paper questionnaire. These questions allow the comparison engine to do its job and give you the best options for your circumstances.
Cost should be only one of the factors that you consider when you are buying Iowa home insurance on-line. Being happy with the way a company answers your questions and works with you on claims is equally as important.
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