December 06, 2010
By: Jana Bell
Getting the best possible rate on a home insurance policy is mostly a matter of doing one's homework and making sure all financial information is correct, New Jersey Record columnist Kevin DeMarrais wrote last weekend.
According to DeMarrais, having too much coverage or purchasing a policy based on an out-of-date home valuation is likely to produce a less-manageable premium. He suggests either using a reputable website - which should cost very little, if anything - or hiring a professional appraiser, who can charge a fee of $250 or more.
DeMarrais quotes Jeanne Salvatore, a public affairs executive at the Insurance Information Institute, as saying homeowners should not confuse their home's value with its replacement cost.
"How much does it cost to rebuild the house and to re-buy your personal possessions in it?" is the question Salvatore suggested homeowners ask themselves.
Those values could be increasing in some areas. The Orange County Register cited research as saying homes in that area had increased in value by $19.5 billion in the past year.
Related Home Insurance Articles:
- NOAA predicts near-normal Eastern Pacific hurricane season May 25, 2012
- Safety officials call attention to home sprinkler system regulations May 24, 2012
- Thousands of St. Louis insurance claims cite recent hail damage May 22, 2012
- Tropical Storm Alberto changes course away from Carolinas May 21, 2012
- California tops the nation in dog bite claims May 17, 2012
