subject: What A First Time Homeowner Should Know About Home Insurance [print this page] What A First Time Homeowner Should Know About Home Insurance
A first time homeowner in Orange County should seriously consider the many benefits of taking out a home insurance policy. While law does not require homeowner insurance, it is always a good idea to have. It should also be noted that if the homeowner took out a mortgage to purchase the home, then he or she might be required by the mortgage holder to take out home insurance from a home insurance Orange county agency.
There are many homeowner insurance polices to choose from. Some offer only 'bare bones' coverage while others offer near comprehensive coverage. A homeowner should consider the advantages and disadvantages of each policy and choose one that best suits his or her needs. Budget constraints should also be taken into consideration. While in most cases, purchasing a comprehensive policy is the ideal, not many can afford this type of coverage and in some cases, it may not even be necessary.
Earthquake coverage is advisable for any homeowner in Orange County. Insurance agencies will often offer this type of coverage separate from regular property coverage. It is important to read the policy carefully before signing it. Any type of coverage that is not specified on the contract will not be provided. While earthquake coverage may cost a bit more, it is well worth the price.
The HO-3 home insurance policy is the most popular with homeowners. It does not provide comprehensive coverage but it does cover a lot. It will cover damage to the property and the owner's belongings. It will also cover injury to a third party that is visiting the home. For instance, if a friend visits and is bit by the owner's dog, the HO-3 home insurance policy will pay the friend's medical bills. All home insurance Orange county agencies will offer HO-3 coverage.
A homeowner that has a very tight budget may want to consider the HO-1 home insurance policy. This is the most basic form of coverage and not all insurance agencies will offer it. It covers the property itself from several forms of damage but will not cover the belongings in the house.
The HO-8 home insurance policy has been specifically designed for older homes. This policy is advisable for any homeowner that purchases an old house. It takes into consideration that older homes often need more repair than newer ones and that the value of the house itself may not be very high.
Choosing a good home insurance Orange county agency to work with is important. Once a homeowner has determined the type of coverage that he or she wants to take out, the owner should take the time to find a good insurance agency. The agency should be able to give good advice, offer good prices and have a good track record for paying out claims in a prompt and efficient manner.
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