Most mortgage lenders require homeowners insurance, and most standard homeowners insurance policies cover damage to your house, as well as many items inside, that are caused by theft, smoke, ice and snow, frozen pipes, fire and lightning, etc. Homeowners insurance policies also cover injuries and property damage you, your family or pets may have caused to other people. This includes medical payments to third parties, as well as legal costs in case a lawsuit is brought against you. Usually homeowners insurance will cover your living expenses if a fire or other covered damage event forces you to evacuate your house and live elsewhere.

You want to find a homeowners insurance policy with a reputable insurance company that will provide good service and pay your claims on time. There are many websites where you can research a company’s claims and service reputation and read customer reviews, but your state’s department of insurance will also have records of consumer complaints filed against insurance companies.

However, you’re still going to have to do some homework and comparison-shopping in order to get the cheapest homeowners insurance rates. Thanks to the Internet, this is now relatively simple. Once you are at an insurance comparison website, you fill out a quick questionnaire and request all the discounts you may be eligible for at the deductible you want. Any questions about deductibles, discounts or other related topics can be discussed with an online insurance expert.

Try to get quotes from as many A-rated insurance companies in your area as you can. Just remember that the lowest price does not always guarantee the best deal. Most homeowners insurance policies limit coverage on high-priced or hard to replace items. You may need appraisals on such items as jewelry, antiques, guns or other valuables before the insurance company will provide a rate. If you are trying to save money, you might want to consider choosing a deductible of $250 to $1,000. You may be required to pay this amount out of pocket in the event of a loss or damage (such as a fire) before your home insurance can be applied, but your homeowners premium could be reduced in the meantime.

Mortgage lenders require that a minimum amount of homeowners insurance be purchased, but this is often not the amount of coverage your home really needs. A good rule of thumb is to determine how much it would cost to rebuild your home and then insure it for that amount. Carefully read your homeowners insurance policy to find out what is and what is not covered. Damage caused by wear and tear usually isn’t covered as it is considered the homeowner’s responsibility of maintenance.