Homeowners Insurance Information
Whether you are purchasing a home, a condominium, or renting, quality home insurance is very important protection to purchase.
- For a free-standing home, you will need to purchase a homeowner's insurance policy to protect your huge investment, but to also fulfill the requirements of your mortgagee. A homeowner's policy covers the exterior structure of your home, the built-in items and decorating within your home, your personal contents, and provides liability coverage for you and your family. When purchasing this policy, you will have to make decisions on what replacement cost limit to purchase to cover your home, your deductible, and how much liability insurance to purchase.
- Replacement Cost - For covering your home, beware of many agents who will want to place an amount of coverage on your home equivalent to what you paid for the home. In this current marketplace, it is rare that a home is sold for more than the replacement cost. Speak to a professional insurance agent who will complete a replacement cost analysis and will recommend an amount to carry.
- Deductible - When choosing a deductible, understand that the higher the deductible, the lower the premium, but do not choose a deductible that would be a "stretch" financially to meet.
- Liability Insurance - Liability limits for your home should be chosen to meet the minimum requirements of your umbrella carrier. Please see umbrella coverage for more information.