Thursday, June 19, 2014

Ins and outs of home insurance

If you're a homeowner, it's imperative that you buy insurance for your house; having insurance will protect both your home and, with the right coverage, all your belongings within. However, before you lay down a lump sum for insurance, there are a few things you need to be aware of so that you not only get the best value for your money, but also protect what needs to be protected. 

For home insurance, you typically want to be able to cover a majority of the rebuilding process should your home be damaged. Have a contractor look at your property and tell you how much a rebuild might cost.

The basic idea behind insuring your property is to make sure you are still financially capable in the event of you losing your property. When you're insured, you pay a relatively small fee to an insurance company on a regular basis. In exchange, the insurance company guarantees financial reimbursement should your insured property suffer damage through theft or a fire for example. 

When shopping for a home insurance policy, be sure that you understand which events are covered, and which events do not get you a reimbursement from your insurer. Typically, most standard insurance policies cover fire damage and theft – though some also include a limited amount of coverage extending to personal assets within the home such as art and jewelry. Surprisingly, damage from floods or earthquakes isn’t usually covered by standard insurance policies. Talk to your insurance company about what you need. 

know what you need. For home insurance, you typically want to be able to cover a majority of the rebuilding process should your home be damaged. Have a contractor look at your property and tell you how much a rebuild might cost. That should give you an idea of how much you'll need to be insured for. 

Any particularly valuable items in your home, like family heirlooms or rare art, may also require additional coverage. You may also want to look into liability coverage, which ensures that if you are at fault for a loss that is not yours, the insurance company will shoulder that expense as well. 


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