Home owners insurance is a must for everyone who owns a home of any kind but not all policies are the same. It is important to consider your individual needs when choosing a policy to ensure that the policy provides adequete coverage for your specific home and lifestlye.
Your Home Owners Insurance will cover your dwelling which is basically the house and structures or appliances permanently attached to the home.
One very important thing to ask: does your coverage guaranteed replacement cost coverage? In today’s market, property values and building costs are constantly changing. Guaranteed replacement cost coverage may cost extra but it insures that you will have the money to rebuild your home when you need it.
Home Owners Insurance usually covers other buildings on the property that are not used for business purposes. This would include garages, storage sheds, driveways, sidewalks, fences, etc. You will want to find out which structures are covered under your plan to avoid surprises later.
Personal Property coverage can be based on actual value or replacement cost and it may be limited to a maximum dollar amount. It is important to do a regular inventory of your home each year to ensure that your current coverage is adequete. You will also want to check with your insurance agent to see if there are any items that are not covered that would need additional insurance like artwork, jewelry, antiques, etc.
Loss Of Use
Loss of Use insurance will cover your living expenses if you need to relocate while repairs are being made. This is important to have in case of damage that leaves you without access to your home for more then just a few days.
Most home owners policies also include liability coverage. This coverage provides you with protection against claims or lawsuits that result from injury or property damage caused by an accident on your property. Each policy will cover different types of accidents so read your policy carefully.