When it’s time to get insured (or renew an insurance policy already in place), conducting an insurance comparison can help you determine which policy has the best overall value.

But at that point, what exactly should you be looking at to make the best choice possible—and which factors are the most important when it comes to getting the right insurance coverage?

First, the easiest way to compare policies apples-to-apples is to request free insurance quotes online. With our network of agents competing to provide customers the lowest quotes, it’s easy to make comparisons once you’ve been matched with agents who really need your business.

Beyond that, it’s time to get down to the nitty-gritty. In looking from one policy offering to another, you’ll see several important factors that play a part in which plan is the most suitable. Though one factor may instinctively seem more important than the rest, all four factors play equivalent roles in the insurance policy as a whole.

Comparison shop these factors from one policy to the next:

• Price
• Service
• Benefits
• Discounts

With each factor on equal footing, finding the right policy through insurance comparison is simply a matter of deciding which policy has the best of everything and going with what makes sense.

Owning and maintaining a home can be expensive these days. Upkeep and maintenance often requires constant attention, and homeowners may find themselves repairing or replacing nearly everything in sight at one time or another—to say nothing of the grass that always needs mowing, the sidewalks that need sweeping or the pool that needs cleaning.

For those who choose condo living over the luxury of the single-family home, life affords a few less responsibilities. Though condo owners must sacrifice privacy and share space with other unit owners in their building, they can choose to watch the NFL game on Sunday, rather than mow the lawn—and stay inside when winter storms dump several feet of snow—while neighboring homeowners are shoveling out.

No matter which type of home you choose, home insurance is required protection before taking possession. That way, when you come home from work to find your door standing open and your electronics missing, you’ll have the coverage you need to replace them without going broke. And when your friend comes to visit and ends up biting the dust on your kitchen floor, you’ll have the resources you need to cover medical bills following the accident.

So what’s the difference between condo insurance and single-family home insurance? When you live in a free-standing home, you insure the home’s structure, other buildings and items on the property, and the possessions kept inside your home.

When you live in a condo, on the other hand, you don’t need to insure shared spaces like pools or sidewalks, the building your condo is housed in, or any structures that don’t belong expressly to you. Those items are usually covered by your condo association’s insurance policy instead—leaving you responsible only for your own possessions, appliances, décor, interior-facing walls and other items not commonly shared with neighbors.

If you’re looking for a way to build equity (yes, even in these hard times) with less responsibility and cheaper insurance coverage than traditional housing, consider buying a condo. You’ll save money and protect your home, too—but your insurance bills should be cheaper!

P.S.—Don’t forget to get a free insurance quote!

While we’re on the subject of life insurance, have you ever taken a close look at your life insurance policy? Do you know what information it contains—or would you rather get hit by a Mack truck than read through your boring old insurance policy?

While life insurance certainly isn’t the most exciting subject to read or talk about, knowing what your loved ones will be up against when the time comes leaves little room for worry.

So dust off your policy’s jacket, lean back in your comfy chair, and take a look at what’s really inside. What you see there should look something like this:

• Declaration page. The first part of your policy, this section identifies who’s insured, the risks or perils covered, the policy’s face value (e.g. $25,000, $50,000, etc.) and the period of time the plan is in effect.
• Insuring agreement. States the types of losses paid by the insurer, the items the insurance company agrees to pay on your behalf and additional services provided by the insurer (e.g. lawsuit defense).
• Exclusions. Explains the risks, losses and situations your policy doesn’t cover.
• Conditions. Lists special qualifications, requirements or limitations (placed there by the insurance company) which, if not met, may cause your life insurance claim to be denied. Includes requirements like proof of loss (e.g. a death certificate) or failure to cooperate during the company’s investigation of death.
• Definitions. Defines specific insurance terms used in the policy. (If you hate “insuranceeze,” this part of your policy will make your life easier!)
• Endorsements and Riders. Written statements that add to, delete or modify the provisions in the insurance contract.

Now that you know what’s contained in your life insurance policy, check to see if it needs updating. If you’ve gotten married, divorced, had children or experienced another major life change since the policy was written, it may be time to add or amend your coverage.

P.S.—If you don’t have a copy of your life insurance contract, contact your insurance company to request one.

What goes into life insurance rates, anyway?

• Smoking status: Do you smoke? Good, because if did, you’d pay a whole lot more for life insurance. A whole lot more.
• Marital status – Singles pay less than married couples.
• Family size – Fewer dependents equal lower rates.
• Age – Life insurers are ageist—they prefer younger policy holders.
• Health – The healthy will pay less than the unhealthy, and many life insurance companies require a physical before issuing a policy. Our advice (which we’re working on heeding ourselves): More veggies and trips to the gym.
• Occupation – The school teacher will pay less than the lion tamer. The guy who juggles chain saws will pay more than the lion tamer. In other words, those with hazardous jobs pay more than office park Dilberts.

Another good way to save on life insurance is to shop around and compare rates.

1.High marks from independent rating agencies like Moody’s and A.M. Best. Because life insurance is a long-term investment that is *not* backed by the federal government, it’s important to do business with an insurer in sound financial condition. Click here to learn more about gauging the financial strength of a company.

2. No complaints. Each state regulates life insurance companies doing business within its borders and keeps records of consumer complaints. Click here to get a listing of state departments of insurance.

3. Good service. Life insurance can get complicated, so it pays to have an agent who has the time, inclination and integrity to explain things in a clear and unbiased way.

4. A product that suits your needs and fits your budget. A company may have all of the qualities listed above, but if it doesn’t have a product whose features match your needs, best to keep shopping.

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Why buy it?
We’ll answer that question with a question: Would anyone close to you—children, elderly parents, business partners, etc.—be in a financial pickle if you died? If so (and if you care to provide for certain people in the event of your death) life insurance is a good idea.

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What kind should I buy?
Good question. First the basics: there are two types of life insurance, permanent (aka cash value) and term.

Term: Life insurance that covers you for the duration of the term period – one year, thirty years, until you turn 65, etc. Term policies pay out a death benefit if you die during the policy term and are usually cheaper than permanent/cash value policies. (Get term life insurance quotes.)

Permanent: Life insurance that is typically held onto for the insured’s entire life. In addition to providing a death benefit, many permanent policies include a tax-sheltered savings account, where a portion of the premium earns in¬terest. (Get permanent life insurance quotes.)

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How much is enough?
Some experts recommend an amount 15 to 20 times your annual income, but in reality really, there’s no magic formula. It’s a good idea to talk to your insurance agent or a financial adviser for advice on this before purchasing your policy.

Need more information? Check out the Insurance Resource Center.