Purchasing buildings and contents insurance for your property doesn’t need to be a daunting affair. Regardless if you're a new purchaser or renewing your policy, it pays to take the time to fully understand the process. The following steps will help make the process stress free and seamless.

1. Type of Insurance - Decide what kind of insurance you need. Are you renting your property? Chances are then you’ll only need contents insurance but always check the lease or rental agreement carefully to be sure of what king of insurance you'll need. Own the property? Then you’ll need buildings and contents insurance.

2. Basic or Broad – Basic insurance coverage protects only against ‘named perils’. Simply put, if something happens to your home that isn’t specifically named on the policy, then you’re not covered. Things like fire, hail or wind damage, vandalism, lightening, sprinkler leakage, volcanic action and civil commotion are usually covered under basic insurance. Broad coverage includes all things under the basic policy plus ice, sleet or snow damage, falling objects or accidental water damage.

3. Do Your Homework – Before you can fill out a request for a quotation you’re going to need some basic facts about your property. Items such as:

• The value of the home
• The value of the contents
• Date of construction
• Proximity to water such as lakes, rivers etc.
• Building materials used in construction
• Kind of home (detached, 2 story, town home etc.)

Having all this information handy will make the quotation process go smoothly.

4. Shop Around – All insurance policies are not created equal. It pays to comparison shop and using an online quote comparison service makes the process simple by instantly comparing dozens of policies.

5. Read the Fine Print – Because no two policies are totally equal, read the fine print to be sure you are fully aware of what coverage is being offered. Ask questions if you can’t find the answers.

6. Maximize Your Deductions – Deductions that can lower your premiums include:

• Multiple policy bundles
• Upgraded alarms, locks and other security features
• Paying yearly rather than monthly
• Install smoke and fire detectors as well as fire extinguishers
• Belong to a neighborhood watch program
• Increase your voluntary excess

7. Fully Understand Your Policy Before Purchasing – It makes good consumer sense to fully understand all the details of your policy before purchasing yet many people don’t take the time and find themselves caught in a difficult situation when it comes time to place a claim. Ask questions now before you need to place a claim.