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Alabama Home Insurance

Alabama home insurance protects a homeowner’s property as well as the personal property inside the home. Often times, Alabama home insurance provides liability coverage for any accidents that may occur on the property. When buying Alabama homeowner insurance, it is important to remember that all banks require at least a basic policy, especially if you have a mortgage.

HO-3 Policies

There are six basic policies for Alabama home owners insurance. The most popular policy called HO-3 carries liability for accidents, property reimbursement amounts equal to the market value of the home, and provisions for some “Acts of God.” Unfortunately, in a state like Alabama the home owners insurance coverage does not include flood or hurricane insurance. Many home owners were dismayed after Katrina when they realized flood coverage was not part of their Alabama homeowners insurance. In fact, the many “Acts of God” cases are not covered by policies. Everyone should check their Alabama home owners insurance under the section titled “Exclusions” for the disasters that the policy does not cover.

Of course, Katrina made many people aware of the hurricane disaster element in Alabama. For most Alabama residents, the search for affordable insurance became more difficult after Katrina. Many insurance companies no longer offer Alabama homeowners insurance as a result of the millions of dollars they lost to policy payouts. Many insurance rates are on the rise as a result of this storm. Electric Insurance Company’s Alabama home insurance rates rose over 30% in the year after Katrina.

Saving Money on Alabama Home Insurance

In order to save money on Alabama home insurance, homeowners should consider a few things. First of all, the land that the home rests on does not need to be included in the amount of Alabama home insurance you purchase. A homeowner can greatly reduce the rate of their premium by simply lowering the amount insured. Also, it is good to shop around for deals. Of course, the Alabama homeowner’s insurance market does not offer many deals these days after Katrina, but you can still find better deals when you are selective. Alabama homeowners insurance can be reduced by raising the deductible. By shaving off a few dollars a month, an unbearable expense can turn into a functional expense.

Alabama Department of Insurance

P O Box 303351
Montgomery, AL 36130-3351
Phone: 334-269-3550


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