Knowing details about the types of homeowners insurance is imperative when shopping for the right policy. If you need homeowners insurance or renters insurance, you may be mystified by the buffet of alphabet soup being served up by insurance companies.

Memorizing the differences between an HO-2 and HO-3 insurance policy isn't necessary, but understanding their terms and the perils they cover can help you identify the best coverage for your home.

When getting home insurance quotes, check with individual insurance companies to confirm the coverage provided by their policies. However, most companies follow similar standards of protection for homeowners. According to Insurance Information Institute, the following perils are commonly covered.

Knowing details about the types of homeowners insurance is imperative when shopping for the right policy. If you need homeowners insurance or renters insurance, you may be mystified by the buffet of alphabet soup being served up by insurance companies. Read more...

Adding a pool, adopting a dog, owning a log home or filing a claim can all lead to higher home insurance premiums. However, there's nothing that will increase your rates more than if you have poor credit.

Insurance companies base their rates on risk. The bigger the risk, the higher the premiums. Sometimes it's entirely out of your control. Owning a home in an area with more claims will lead to higher insurance costs -- even if you never filed a claim. It might not seem fair, but it's how insurance works. It's all based on risk. The same goes for adding something to your property, such as a pool or a wood-burning stove. Insurers see those as potential risks. They could lead to a future claim.

On the flip side, you could pay less if an insurance company considers your property a lower risk. For instance, a newly-constructed home will cost less than if you purchased an older home. The same goes if you buy a house made of fire-resistive materials.

Adding a pool, adopting a dog, owning a log home or filing a claim can all lead to higher home insurance premiums. However, there's nothing that will increase your rates more than if you have poor credit. Read more...

Home insurance companies offer discounts that can save you money, but it's up to you to make sure you're getting all the homeowners insurance discounts you deserve. That way you can ensure you have sufficient coverage, but at the same time still be getting the cheapest home insurance for your particular situation.

The discounts that trim the most from your home insurance cost generally relate to your home's age, building materials, roof condition, its type of security system and your payment methods. Of the discounts Insurance.com surveyed, here are the top 10 types of home insurance discounts that save you the most.

Home insurance companies offer discounts that can save you money, but it's up to you to make sure you're getting all the homeowners insurance discounts you deserve. That way you can ensure you have sufficient coverage, but at the same time still be getting the cheapest home insurance for your particular situation. Read more...