When you take out your home insurance policy, consider the geographical location of your home. If you live in an earthquake prone area, the basic home owners' insurance policy would not be enough to protect your home. Earth quake insurance is the policy that covers the cost of repair and replacement of damaged property as a result of earth quake. There are additions which provide coverage for other property on your land like, garages, sheds, gazebos etc.
When you are shopping around to get a lower rate for your home insurance, these are factors to bear in mind:
o How much coverage do you need in your earthquake insurance? How do you calculate your need? It is advised that you base your price on what it would cost you to rebuild your house or replace damaged property as against basing it on the actual market value. This would determine the extent of coverage that you need.
o Consider the age of your home. Older homes attract higher premiums. So if you really are concerned about the cost of your home insurance policy, you might need to look for a new house.
o Building materials used in constructing your home also affects the rates you have to pay. If you are thinking of building or buying a home in an earthquake prone area, you need to ensure that the building material is wood. Because frame houses withstand earthquakes better than other types of houses.
o People who live in earthquake prone areas generally have higher home insurance premiums. If you can relocate, then do so. That is if you are so desperately serious to lower your home insurance rates but if you really love where you live and can not see yourself living anywhere else then brace up and get ready for higher home insurance rates.
A sure fire way of getting lower insurance rates is comparison shopping. You'll be amazed to discover that you may have a price difference of about $ 500 to $ 1,000 in quotes. So go online get different quotes and find out which serves your best interest. Remember cheaper is not always better; neither is costlier!