Insurance: How Much Do You Really Need for Your Home?
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Owning your own home is an exciting, yet big responsibility. A move that should be preceded by several months of searching and evaluating. This rule applies irrespective of where you are seeking that home and the type of home you are seeking – a nice house with a lot of yard space out in the country or a chic townhouse in the city. Once you have bought your home you need to ensure that you obtain adequate insurance protection. You will first want to find out what you need to insure.
Assessing Your Insurance Needs
The standard homeowners insurance policy offers coverage for a number of things, but not all are fully covered. For those needs that are partially covered or not covered at all, you will need to seek additional coverage.
* First of all, it is important for you to know that homeowners insurance covers the cost of replacing or repairing your home not the land. Ensure that the premium reflects the value of the house and not the land because it is the house that will be replaced.
* Aside from the structure of the house, you need to think about its contents. The standard insurance policy also covers the contents of the house, but expensive items such as jewelry, collectibles and fur are only partially covered. This means you will only receive partial compensation for those pieces if they are lost due to a disaster or theft. You can gain full coverage for them by paying an added fee. Go through your home and diligently note the items you possess. Go from room to room to ensure the inventory is done thoroughly or simply use an insurance agent who can do so expertly.
* Liability coverage is also another item to factor into the coverage you will need. If your dog bites someone, you cause damage to your neighbor’s property or if someone visited your home and was injured from a fall, you are liable to bear the cost of compensation. Your liability insurance gives you that coverage so that the insurance company takes care of any such eventualities. Things do happen so it’s best to be prepared.
Your standard home insurance policy will cover damages that are caused by factors such as wind, water, fire, hail, the weight of snow and ice, riots, aircraft, vehicle, explosion and smoke among others. There are disasters that do not receive automatic coverage so you would have to seek additional coverage. These include lightning and flood insurance.
The Role of the Insurance Agents
Insurance agents are experts in the field of assessing your home and determining your needs. Consult with a licensed agent and have them go over the details of your specific coverage needs with you. They will be able to do a site visit and look over your home to identify these needs. Once you are satisfied that all the grounds have been covered and you are ready to make your decision, you can obtain home insurance policies from insurance town. Take advantage of the helpful and resourceful insurance agents, as well as the best policies on the market.
Sam Fenton is an insurance agent with years of experience. He writes about a variety of insurance-related subjects and loves helping homeowners get the best deal possible. Click here to learn more about home insurance policies from free insurance quotes.
Category: Home Insurance
