Safeguarding Your Home: Tips to Choosing Your Policy


With all the options on the market (different plans, different benefits, different incentives, different payment rates, etc.), it is difficult to make an informed decision. Consider this your guide to tips in choosing an insurance company.

    Most homeowners’ packages for single family homes fall into five different categories: HO-1, HO-2, HO-3 with HO-15 and HO-8. The policies guard your new Las Vegas home and belongings against at least 11 perils.The more perils you cover against, the more you pay for your policy. Basic Form HO-1 insures your property against 11 basic perils. Broad Form HO-2 covers 18 perils. 

    Special Form HO-3, the most popular of all homeowner’s forms, offers a broad range of coverage.This form provides comprehensive coverage on your home and broad named peril coverage on your contents. Comprehensive Form HO-3 with HO-15 covers your home and personal property for everything that is not specifically excluded. This policy generally provides the broadest coverage available, but is not offered by all companies. It usually costs more.

    The HO-8 provides building and personal property coverage slightly more restrictive than that of other homeowners’ forms for owner occupants that include a replacement cost clause. The HO-8 is particularly well-suited for residences that have suffered extensive depreciation.

    Your home may not qualify for one of the five homeowners’ package policies, therefore, a company may offer you limited coverage on your house. This coverage may be fire and extended coverage. Your home and only your home would be covered for damage due to very specific perils or losses.

Factors that Affect Your Premium

    Be sure to know your home’s type of construction because frame houses usually cost more to insure than brick. The age of your house can also qualify you for discounts; also, some insurance companies may not insure older homes. Your home’s distance from fire hydrants and the quality of your fire division can affect your rates.

    The greater your deductible, the lower your rates will be. Be sure also to check with your insurance agency because they may be able to give specific discounts to you. You may want to keep in mind that you will pay less out of your pocket if you have more complete coverage and disaster strikes.

Getting Your Price Quotes

    When shopping for Las Vegas home insurance, be sure to shop around and get quotes from different companies. When acquiring these quotes, you will want to give the same info to each company. That way, you will get accurate quotes.

    Your agent will need a description of your house, the square footage, any present security devices, desired coverages and/or limits, and a picture of your new home.