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What is homeowners insurance actually? According to Wikipedia it "is an insurance policy that combines insurance on the home, its contents, and, often, the other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home. The cost of homeowners insurance scales upward depending on what it would cost to replace the house, and which additional "riders", meaning additional items to be insured, are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims are not paid due to earthquakes, floods, "Acts of God", or war (whose definition typically includes a nuclear explosion from any source). Special insurance can be purchased for these possibilities." (Source: Wikipedia, the free encyclopedia 2001-2006) Fire, tornadoes, wind damage and hail are just a few of the things that can cause thousands of dollars in damage to your home. Maintaining homeowners insurance is the best way to protect yourself from potentially costly damages and loss to your home. In this article we'll look at some tips on finding the best, cheapest policy such coverage.

You can find the tools to a get a homeowners insurance quote online through many different insurance companies. Many of these quotes will base their rating factors off of where you live, crime statistics, value of your home, age of your home and previous claim history on property you currently own or have owned within the last 5 years. Unlike other types of insurance, rates for homeowners insurance tend to be pretty close to one another since many insurers base their ratings on the same factors.

You can save money on this type of policy by choosing to purchase your policy with an insurer who you already do business with as most companies offer multi-policy discounts. In addition, upgrading some of the protection features of your home - like adding a security system - can reduce your rates by as much as 30% in some areas. Your agent can give you details on different types of discounts available for your particular situation.

As with any type of insurance, be sure to choose a reputable company that maintains a strong rating and financial standing. No matter how cheap a policy may be it is worthless if the company folds and cannot pay claims when a major disaster strikes.

About the Author

Marvin Toller writes about Home owners Insurance and related Articles. Check out best-cheapest-homeowners-insurance.com for more.