We all want to save money these days and there are some very creative ways in which people are cutting down on their living expenses.
However, there are also some dangerous ones.
It's easy to cut the costs of our various insurance policies because we rarely have to make claims on them.
No one is sorry that they carried minimal coverage until it comes time to make a claim.
House insurance is one of the most important insurance policies we carry because it protects our largest financial investment.
Therefore, saving money by going with cheap house insurance can be dangerous.
If you are able to cut down on your house insurance policy by comparison shopping, great.
Don't cut the costs by leaving out important coverage aspects.
Below is a list of the must have coverage options for your home insurance policy.
1) Protection of your dwelling.
This coverage option is obviously the basis of all home policies.
However, there are many variables as to the specifics of what is covered here.
Some policies will protect you from earthquakes, some won't.
Some will protect you from flood damage, some won't.
Make sure to obtain coverage for all potential dangers in the area your home is located.
2) Other separate structure coverage.
Does your home have separate structures like a garage, or storage shed? If not, this is a great area to save money on by cutting out this coverage option.
3) Loss of Use.
If you have family or friends around you that are close enough to allow you to stay with them in case something happens to your home, this coverage is not necessary.
Loss of use coverage will pay for you to stay in a hotel if damage occurs to your home and it becomes unlivable until the damage is fixed.
If you don't have people close to you, this coverage option is extremely important.