Home insurance is a critically important insurance policy protects you against financial calamity—and potentially homelessness—in the event your home suffers from signification damage. Of course, depending on the type of policy you buy, you won't be covered for every potential hazard nor will you necessarily recoup the full cost of the damage. You simply may not be able to afford the higher costs of a top insurance policy. And balancing premium costs with the desired level of coverage is just the beginning of what you need to know before you buy a home insurance policy.

Do You Need Quotes for a Homeowners Insurance Policy Now?
If you're in the market for a new home, you should look for a homeowner insurance policy as soon as your offer is accepted by the seller. Failure to obtain a policy is the most common reason for delay when it comes time to transfer the deed/title. Likewise, you may have been through the rigmarole of homeowners insurance before and know the score for your house and location. But as a smart insurance shopper, you're looking for a better rate as the deadline approaches to renew your old policy. If you're in one of these two camps or otherwise know what you need, get a local home insurance quote now.

If, on the other hand, you need a basic tutorial for shopping for home insurance, take a look at these salient details and useful tips for buying a policy....

Types of Home Insurance Policies
You'll undoubtedly go over the specifics of your policy, before you make any decisions, but it's helpful to familiarize yourself with the main types of home insurance policies so you don't feel overwhelmed when conversing with an insurance agent over the phone.

HO-1 and HO-2 (Named Perils Policies): The first two types of home insurance are also known as "named perils policies" because they only provide coverage for specifically enumerated hazards, such as fire, theft, wind, among others. HO-1 policies include 11 basic perils, whereas HO-2 policies cover 6 additional perils.

HO-3 and HO-5 (Open Perils Policies): As you can probably guess, these policies cover anything that is not specifically excluded in the policy. HO-3 policies are sometimes known as a "mixed peril policy" in that the house itself enjoys "open perils" protection, while the home contents have only "named perils" protection. HO-5 covers both the house and contents for open perils. Note, however, that both policies have exclusions that aren't covered, such as earthquakes and floods, among others.

As you may have inferred, homeowners who live in a floodplain or an area vulnerable to earthquakes will need to buy a rider/supplemental insurance for these natural disasters. There are also a number of specialized insurance products for renters (HO-4), condo owners (HO-6), mobile homeowners (HO-7), and owners of older and/or historic homes (HO-8).

House Insurance and Coverage Benefits and Limitations
Most people consider their front and backyard as part of their "home," and it's important to understand the how the value of the house as a structure is distinguished from the total property value. Many people are surprised that, although they paid $350,000 for their new house, the insurance company offers a policy worth only $250,000. This is because these policies don't insure the value of the land, as even if your house burns completely to the ground, the land still retains its worth. That said, while house insurance doesn't cover the land you own, the vast majority of house insurance policies do cover landscaping—a big relief for homeowners with a cherished oak or maple tree.

Online Homeowners Insurance Quotes & Other Ways to Save Money
The fastest, cheapest, and most reliable way to find homeowners insurance is with an online referral service, like Local Insurance. The simple and effective opportunity to comparison-shop similar policies—along with the solid decision-making that results from the low-pressure situation of shopping from the comfort of your own home—is likely to save you more money that you expect.

There are also a handful of nifty tips and tricks to save you even more money: Look for home improvements—in particular security systems and hail-resistant roofing—that will lower your insurance risk profile. Consider buying your homeowner and car insurance from the same company to get a multiple policyholder discount, but you should also put your auto and homeowner insurance policies on the same renewal date, so you can shop for lower rates each year without sacrificing this discount. And, speaking of shopping for lower rates each year, make sure your policy reflects the current value of your home and its contents. Between the volatility in the housing market and any major home improvements, you may need a higher or lower coverage limit to cover the cost of rebuilding your home.