How to Best Protect Your Virginia Home

There are laws created for the protection of consumers in need of homeowners insurance. These laws are different in every state and have a huge impact on consumers. They control what is covered in a policy and how the companies interact with the consumer. They can change from time to time therefore if you are in the market for a plan, you may want to contact your state's department and request the updated homeowner laws.

When purchasing a Virginia house you may find that before your lender will approve your loan they may require that you first obtain a policy. This is where you should do the proper research before deciding on the appropriate plan type for your house. There are two options for you to choose from. There's the HO-2 and the HO-3.

The HO-2 policy will cover any damages caused by fire, vehicles, aircraft, smoke, water damage caused by your homes water heater or air conditioners, vandalism, riots, theft or explosions. The HO-3 policy looks after a broader range of damage. It covers everything in the HO-2 policy as well as bodily injury and an added coverage for property damage. According to the regulations put in place by the Virginia State Insurance Department, these options must be revealed to the consumer.

Due to the weather concerns of local residents, such as hailstorms, hurricanes and the like, there may be a need to purchase extra flood protection being that home insurance doesn't look after this type of damage. The company providing your plan should reveal this to you. This is also discussed in the "exclusion" section of your plan.

If a resident finds it to costly to keep up with their monthly payments, there is an opportunity to receive a discount from their provider. They can do this by having all of their needs met by one company, such as car and health insurance, to receive a large discount or they can receive various discounts from their carrier by having alarm systems, deadbolts and other security means installed on their property.

When in the market for a plan, it is always a good idea to shop around and know what is required of each carrier you talk to. If you do this, you will be able to confidently choose the best option available.