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At Solvable, we care about your financial well-being and are here to help. Our research, articles and ratings, and assessments are based strict editorial integrity. Our company gets compensated by partners who appear on our website. Here is how we get compensated.
At Solvable, we care about your financial well-being and are here to help. Our research, articles and ratings, and assessments are based strict editorial integrity. Our company gets compensated by partners who appear on our website. Here is
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When you purchase a home with a mortgage, the bank mandates home insurance to protect their investment. But even if you are fortunate to have the funds to buy a home with cash, you’ll want homeowner insurance to minimize your financial risk.
Home insurance is designed to cover the cost of loss due to fire, storm damage, theft, vandalism and other events. It also protects your financial interests if someone is injured on your property.
When you’re shopping for a home insurance policy, it’s important to understand the types of coverage, risks of being uninsured or underinsured, factors that affect rates, and how to find the best policy to meet your needs and budget.
Types of Homeowner Insurance
Different aspects of your home insurance policy protect your home and family against various risks. When you’re shopping around, make sure your policy has the coverage you need.
Dwelling
The most basic type of coverage, dwelling coverage provides financial reimbursement if your home is damaged due to storms, hail, fire, theft or vandalism. “Full replacement value” covers you for the entire cost to rebuild your home, up to your policy limit, even if it is more than what you paid for the house.
Liability
Liability insurance covers medical costs, lost wages, pain and suffering, legal fees, and other costs associated with someone who is injured in your home or on your property.
If you accidentally damage someone else’s property, your liability policy may also cover those costs.
Personal Property
Personal property, or contents coverage, covers the loss of items in your home, such as furniture, clothing, and small appliances. If you have valuables such as jewelry, fine art, or valuable collections, you may want to consider a separate rider to cover these high-value items.
Loss of Use
The “loss of use” section of your home insurance policy pays for a place to stay, whether temporary housing in an apartment or hotel or a trailer on your property, while your home is being repaired.
Flood Insurance
Although dwelling coverage protects against most incidents and natural disasters, it does not cover flood damage. Homeowners in flood zones might consider this important additional coverage.
Importance of Protecting Your Home and Assets
For most people, their house is their biggest and most expensive purchase. You want to make sure that a fire, storm or other natural disaster doesn’t spell financial ruin and leave you homeless.
Risks of Being Uninsured or Underinsured
Not being insured can leave you homeless in the event of a natural disaster. If you have a mortgage and don’t make your home insurance payments, your lender may write a policy that’s more expensive and add the cost to your mortgage payment. If you don’t make the payments, you could be at risk of foreclosure.
There are also risks to being underinsured. A recentLeaf Group study revealed that 60% of homeowners faced “significant out-of-pocket expenses for extreme weather damage.” Many faced bills of $5,000+. Meanwhile, homeowners who filed large claims (over $15,000) often received just 14% of the damage costs.
Price vs. Reliability
When you’re shopping around for a home insurance policy, you want to balance costs with the company’s reputation for reliability and service. Read reviews on trustworthy websites. Ask friends and neighbors for recommendations.
When you’re buying a new home, your Realtor or mortgage company may have recommendations for home insurance, but also do your own research and compare rates. Professionals might recommend others in their circle as part of mutual referral agreements and those service providers may not always offer the lowest prices or best service.
When you’re comparing insurance companies, consider:
The claims process
Financial rating and stability (through A.M. Best or another service)
Customer complaints
How to Find the Best Home Insurance Rates
Once you’ve narrowed your choices down to some of the best home insurance companies, you’ll want to take steps to secure the best rates.
Compare Multiple Quotes Online
Working with an independent insurance agent who represents multiple brands can help you get the lowest prices combined with personalized service. But you can also shop for home insurance easily online.
Refer to sites like TheZebra, QuoteWizard, PolicyGenius, and Solvable to compare hone insurance rates in minutes.
Ask About Discounts
Once you’ve found a few companies you like, make sure you’re taking advantage of any discounts available. Insurance companies may offer discounts for:
Monitored security systems
Automatic sprinkler systems or other fire protection
You may also save money by bundling your home and auto insurance with the same provider. Arecent report from Bankrate showed that homeowners can save between 20% and 25% on insurance from top carriers by bundling their policies.
You can also reduce your home insurance costs by increasing your deductible. However, you want to make sure you can afford the deductible in the event of damage.
Understand Policy Limitations and Exclusions
If you’ve taken the above steps and shopped around, you may think you’re getting a good deal on home insurance. But read your policy carefully and understand any exclusions or limitations. The insurer providing the lowest rates may not be a bargain if the policy leaves you underinsured or your insurance company denies your claim.
Policy limitations describe coverage limits. In other words, if your dwelling is only insured up to the cost of your mortgage, you may not have enough coverage to rebuild if your home is destroyed in a fire.
Exclusions describe events that aren’t covered by your policy, such as floods or earthquakes. You may need a separate policy to cover these natural disasters.
Policy exclusions may also include issues caused by neglecting regular home maintenance, intentional acts, pre-existing damage, or acts of war or terrorism.
Before you sign up with a new insurance company, understand exactly what’s covered and any additional policies or riders you might need to cover risk gaps.
Solvable is a for-profit company that helps customers resolve their tax problems, but a free service for consumers. Partners cannot pay us to guarantee favorable editorial reviews or ratings. We do not publish favorable (or unfavorable) editorial reviews or assessments at the direction of an advertiser or partner. We always work to put consumers first and do our best to provide value in meaningful ways, but our reviews are subjective.
How We Make Money
Solvable is compensated by some of the companies seen on our website. Most often, Solvable receives fees when one of our readers clicks, fills out a form, applies for, or receives a financial product from one of our partners. We also earn fees for capturing consumer stories and writing about them, displaying advertising, having our partners sponsor certain parts of the site, and writing content that may be relevant to our partner and their audience. This compensation may impact where products appear on this site, including article pages, comparison listings, the order in which they appear or if they will even appear on a given page, and our matching recommendations. Solvable has not written about, reviewed, or rated all financial products available to consumers.
In addition, we may be compensated in the following ways:
Referrals to consumers who use the online form or locator line that may provide expert answers to questions;
Marketing tax resolution, tax preparation, tax audit help and general tax assistance.
Referrals to services that help consumers with tax resolution, tax preparation, tax audit help and other tax issues.
We do recommend that you shop around and compare services and costs with other companies while performing your own due diligence, especially since people’s experiences with companies can change over time.
Free Solvable Services
The offers that you are matched up with are from companies or attorneys/law firms that we may receive compensation from. Based on our initial review of such companies or individuals, we feel comfortable introducing them to our readers. We won’t recommend something just because we’re offered payment to endorse or promote it. However, we do recommend that you shop around and compare services and costs with other companies while performing you own due diligence, especially since people’s experiences with companies can change over time.
We are not attorneys and we don’t provide legal advice. As always, we encourage you to do your homework and check out individuals and companies before you hire them. If you are already working with an attorney, we urge you to ask them your questions. After all, they will be familiar with your situation and the laws in your state.
We hope that you find Solvable helpful in your efforts to get a fresh start.
Personal Loans Advertiser Disclosure
The Personal Loan offers that appear on this site are from companies or affiliates from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear or whether a lender is “featured” on the site). solvable does not include all Personal Loan companies or all types of offers available in the marketplace.
Personal Loan Providers determine the underwriting criteria necessary for approval. You should review each Provider’s terms and conditions to determine which loan works best for you and your own personal financial situation. All reasonable efforts are made to provide and maintain accurate information. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Provider’s or affiliates discretion. There is never a guarantee you will be approved for credit or that upon approval you will qualify for the advertised rates, fees, or terms that were shown.
Be sure to speak with your representative about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask up front about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $35,000 may be available through participating lenders or affiliates; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. In some cases, lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Ask your representative for details.
Credit Card Advertiser Disclosure
The card offers that appear on this site are from companies or affiliate offers from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear). solvable does not include all card companies or all card offers available in the marketplace.
Credit Card Providers determine the underwriting criteria necessary for approval. You should review each Provider’s terms and conditions to determine which card works for you and your personal financial situation. Information is provided by the Credit Card Providers and is not a guarantee of approval.
All credit card rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Provider’s discretion. All reasonable efforts are made to provide and maintain accurate information. There is no guarantee you will be approved for credit or that upon approval you will qualify for the advertised rates, fees, or terms shown.
Any opinions, analyses, reviews or recommendations expressed in articles, marketing materials or otherwise are those of the author’s alone and/or solvable, and have not been reviewed, approved or otherwise endorsed by any Credit Card Provider.
See the online Provider’s credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the “Apply Now” button, you can review the credit card terms and conditions on the provider’s website.
Business Loans Advertiser Disclosure
Business Loan offers that appear on this site are from companies or affiliates from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear or whether a lender is “featured” on the site). solvable does not include all Business Loan companies or all types of offers available in the marketplace.
Business Loans are those loans that are for commercial use and any property and/or proceeds from the proposed request will be used by the requestor for commercial purpose only and not for any personal, family or household purposes.
Most of our Business Funding Partners or affiliates, do not require collateral for business loans; however, please note that it is possible to be offered another product by the lender depending on your needs and if the underwriting requirements dictate the same. Traditional bank and SBA loans generally are known for collateral requirements.
There is no one-size fits all business loan. Rather there are several types that will likely be offered and or discussed with you upon completing your request. Business Funding Partners determine the underwriting criteria necessary for approval, you should review each Partner’s terms and conditions to determine which business funding option works for your business’s financial situation. All reasonable efforts are made to provide and maintain accurate information. All rates, fees, and terms are presented without guarantee and are subject to change pursuant to each Partner’s discretion. There is never a guarantee your business will be approved for credit or that upon approval your business will qualify for the advertised rates, fees, or terms shown. Lender terms and conditions will apply and all products may not be available in all states. Ask your loan representative for details.
Student Loan Refinancing Advertiser Disclosure
Student loan offers that appear on this site are from companies or affiliates from which solvable may receive compensation. This compensation may impact how and where products appear on this site (including for example, the order in which they appear or whether a lender is “featured” on the site). solvable does not include all student loan companies or all types of offers available in the marketplace.
Pursuant to the contracts between solvable and the Partners or affiliates on its Network, solvable may also receive information from the Partner or affiliate regarding the status of your application including, but not limited to, the amount or disposition of your loan. Information specific to the Partner/affiliate’s use of your information will be found in their specific Privacy Policy.
Potential savings may vary based on the interest rates, balances and remaining repayment term of the loans you are seeking to refinance. Your overall repayment amount may be higher than the loans you are refinancing even if your monthly payments are lower. Variable rate options will fluctuate over the term of your loan with changes in the LIBOR (or other index utilized by the lender) rate, and will vary based on applicable terms and presence of a cosigner. Fixed interest rates may be based on applicable terms and presence of a co-signer. Additional terms and conditions, and rates are subject to change at any time without notice and may not be available in all states or for all types of current student loans. Such changes should only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Lenders are required to provide every potential borrower with disclosure information before they apply for a private student loan. The Lender you select is required to provide you with an Application Disclosure and an Approval Disclosure within the application process before you accept the terms and conditions of your loan. solvable is not a lender or creditor, it does not offer, extend or alter credit terms. Only participating lenders can perform the full application and deliver the required disclosures, please ask your lender about rates, terms, fees, and potential discounts that may be available for each product.
Please Note:
Certain federal and private student loans may not be eligible for consolidation/refinance.
Certain consolidation/refinance plans may result in higher monthly payments or negative consequences (i.e. prepayment penalties).
Consolidation/refinance may lead to other negative results, such as loss of grace periods.
Loans in default generally cannot be consolidated until completion of a repayment trial plan so tell your lender if you are in default and determine relevant options (be wary of those asking for upfront fees as well)
Other options or programs may fit your needs (i.e. personal loan, debt consolidation and/or debt relief). Consult your financial and/or tax advisor prior to making any decisions.
Solvable is not a creditor as it does not offer, extend or alter credit; rather it is an online market lead generator that allows consumers to shop and compare rates, terms and costs associated with financial products such as mortgages, auto loans, personal loans, student loans, etc. solvable does not originate or fund any product it markets; rather it has a network of lenders or Partners/affiliates. You may choose to speak with one or more of these lenders or Partners/affiliates to determine what your actual terms and savings may be. Only a lender can provide you with a formal application for credit, your inquiry form here is merely an expression of interest and/or intent to obtain credit or assistance. You must discuss your actual credit situation and fill out the lender’s required documents prior to obtaining an extension of credit. Network lenders may not have the best or the lowest rates so you are encouraged to continue to shop and compare additional lenders, credit unions, local financial institutions, etc. to ensure you are truly getting your best deal for your situation.
You should contact your tax professional or other financial advisor to determine if you can actually realize savings by refinancing when it can extend the life of your current loan. You should ask the lender about all terms, rates, fees and costs associated with each product and if you will realize a net tangible benefit from the same. All initial estimated savings is done by trying to calculate what your rate may be; however, solvable does not have that information and cannot guarantee potential savings or that lenders will approve you for such product that would warrant those savings. Rates are not guaranteed and change daily. Lenders/Brokers/Dealers/Partners that perform the actual underwriting will have to determine if you meet their underwriting criteria which is unknown to solvable at the time of matching/offer/quote delivery. All amounts are estimates and examples only and do not represent an actual offer.
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