Sleep better at night knowing your home is protected.
Your home – apartment, condo, vacation home – is your castle. Homeowners insurance protects you from the property and liability risks you have as an owner or renter. It covers damage to your possessions and your guests. In the event of damage due to such events as fire, theft or other named perils, it covers the cost of repairs or replacement. Most disasters are covered but flood and earthquakes usually require a separate policy. In addition, a policy usually covers the living expenses if you need to vacate your home for an extended period of time due to a covered loss.
Homeowners’ policies differ from company to company but the basic policy usually covers the structure, your personal belongings, and liability protection. Replacement vs actual cash value? What about building ordinance coverage? There are many choices of additional coverages which need to be tailored to your individual needs.
To ensure your contents are covered, it is helpful to do a home inventory. Many companies have a form either printed or on line which you can complete to capture what is in your home. There are apps for your smart phone to help you organize your inventory. In the event of damage to your home or contents, this is invaluable to you and the insurance company in settling your claim. The inventory should include valuables such as jewelry, antiques, or silverware. If the value of your items is significant, additional coverage is available through an inland marine policy.
The liability portion of your policy covers you or your family in the event of a claim alleging damages caused by you or your family. There are limits to the amount of protection available on your policy. Additional protection can be purchased through an umbrella policy or an excess liability policy. Your agent can guide you through these choices depending on your financial situation and your needs.