Insuring your home and its contents is a prudent step toward controlling your financial future. While no one expects a catastrophe, disaster can strike anyone at anytime. It could be a fire, roof leak, hail storm, flood, vandalism or some other mishap caused by nature or by another individual.
Being protected makes sense, and is required if you have a mortgage. There are many options and coverages available, let us help you find the right policy for you and your family. Contact us today for a free, no-obligation quote.
Components of a Homeowners Policy
Depending on the type of coverage you have and the perils covered by that policy, homeowners insurance covers the cost of rebuilding or repairing your home and other structures (garage, shed, etc.) if the home is destroyed or damaged. It covers the contents of your home in the event of damage or theft. It also protects you against your liability for injuries to other people or damages to their property.
The structure. You should have enough insurance to cover the cost of rebuilding your home if it is completely destroyed. Even though you know how much your home cost, remember that price included the land it is sitting on. Market Value and Replacement Cost are two completely different things and it’s our job to help you protect yourself in the event of a loss and understand how your insurance will protect you. You may want to get an estimate of actual replacement costs for the structure. We can help provide you with an estimated per square foot replacement cost.
Contents of your home. Most homeowners policies include coverage for your personal property in your home. This includes furniture, clothing, some electronic devices and even food in the pantry. The key is to know what you have. Prepare an inventory of everything in your home. This is time well-spent should you ever have to make a claim. At a minimum take pictures or videos of your belongings. Many people have difficulty remembering all that they own, especially when trying to do so under the stress of damage or loss to their home. Keep a copy of this inventory in a safe place and away from your home. We recommend keeping it in a safe deposit box or with a trusted family member.
If you have especially valuable items, such as jewelry or artwork, you may want to consider a special rider to your policy to cover those items, and we will help you understand how computers, stereos and other electronic items are handled.
Liability coverage. Most homeowners policies include liability protection that covers damages you cause to others inside and outside your home. Your policy also covers damages caused away from your home. If someone falls after tripping over your grocery cart at the store, and you are found liable, this coverage can help.
Umbrella liability insurance. Generally home policies do not include umbrella liability coverage but most companies offer it as an additional liability extension to better protect your needs. In an era of large jury awards and rising medical costs, you may want to consider an umbrella policy. These policies are usually inexpensive (a few hundred dollars for over a million dollars coverage) and provide added protection on top of the personal liability amounts included in your homeowners and auto policies.
Contact us today to find the right type and amount of coverage for your home and personal liability needs.