A home is one of the greatest financial investments you will ever make. It is also one of the greatest financial assets will you ever have. So it makes sense when you are in the market for affordable, quality Mississippi home insurance that you choose a policy which adequately protects you and your investment.
Most people understand the importance of having a policy which covers damages resulting from natural disasters severe thunderstorms, wind, hail, etc. What many people don’t know is that many standard insurance policies consider damages from floods, wildfires, earthquakes, and tornadoes as “extra” and unless your policy is written to specifically cover these occurrences, you could be without coverage and not realize it!
It is also important to include adequate protection from theft. Many people underestimate the cost of replacing personal property. And again, if you have what might be considered “luxury” items, certain jewelry, antiques, carpets, etc. you may be required to list them separately (with actual appraisal amounts) to have full coverage in case of theft (or fire, smoke damage, water damage).
Finally, liability coverage is important and is a sometimes overlooked component of a well-planned Mississippi home insurance policy. This provides protection in case someone is injured while on your property.
Remember that there are things you can do to prevent loss and minimize the chance of damages. Some simple, yet important, steps you can take are to install smoke detectors throughout your home (and also maintain them), install a security system, place fire extinguishers in high-risk areas, and keep your yard and home free of debris. By doing this, you not only lower your risk of loss and damage, but you can also decrease the amount of your premium payments.
Once you have read through the article and have put together a policy which is suitable for your needs and circumstances, the people at insuranceUSA.com are standing by with Mississippi home insurance quotes that will allow you to finalize your selection.
Choosing Your Mississippi Home Insurance Policy
Mississippi home insurance policies vary according to individual needs and requirements. Generally speaking, there are two types of Mississippi home insurance policy options to choose from – monoline and package policies.
A monoline Mississippi home insurance policy only has one specific type of coverage, such as liability. A package Mississippi 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 Mississippi home insurance policy. InsuranceUSA.com can help you decide just which Mississippi home insurance policy is right for you!
There are seven standard types of Mississippi home insurance policy options to choose from, depending on your personal needs. Each is described in brief below. For more information on these Mississippi home insurance policy options available, contact insuranceUSA.com.
Homeowner-1 (HO-1): Offered by very few Mississippi 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 Mississippi 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 Mississippi 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 Mississippi 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 Mississippi 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 Mississippi home insurance policy offers the same coverage as HO-4, but is used only for condominiums.
Homeowner-8 (HO-8): This Mississippi 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 Mississippi 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 Mississippi 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 Mississippi Home Insurance Do you Need?
Buying Mississippi 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 Mississippi 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 Mississippi 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 Mississippi home insurance and request a free quote.
Non-Renewals and Policy Cancellations
When considering an Mississippi home insurance policy, you will want to know what the laws are regarding non-renewals and cancellations. Typically, your insurance company reserves the right to cancel your policy after the “term period” so long as it provides legal reason(s) for the cancellation. At the end of the policy term period, your insurer must give you notice if they are going to cancel or not renew your policy.
Typically, your policy is safe from cancellation for the term period except when one or several things occur including non-payment of premiums; felony-conviction; insurance fraud; willfully creating conditions, which threatens the safety of the insured property; and making changes to the property, which renders it uninsurable.
Finding Mississippi Home Insurance That Meets Your Needs
Finding appropriate Mississippi home insurance shouldn’t be a difficult process. It is, however, important that you make sure that any company that you consider working with is legal. To do this you can ask for a copy of their license number that is issue by the state of Mississippi.
The first step in making sure that you get what you need when it comes to Mississippi home insurance is to complete the questionnaire that your insurer gives you. The more information that you supply the insurer with the better an offer they will be able to make to you.
Ask around about service levels when shopping for Mississippi home insurance. Service is equally as important as price when you are purchasing home insurance.
On-Line Mississippi Home Insurance
Like with all important decisions that you make with regards to your home, you should shop around for the best value Mississippi home insurance. Shopping on-line can make this a quick and painless process. Using a comparison site like InsuranceUSA.com also simplifies the process. While faster than filling in paper forms, it is important to remember that the information that you provide potential suppliers with is the key to your obtaining the home insurance that you need.
Don’t confuse price with quality. Often the cheapest isn’t the best. Try to find out as much as possible about any company that you are considering buying Mississippi home insurance from. This will mean that you get exactly what you need.
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