One of the biggest mistakes that a homeowner can make is to leave their home inadequately or completely uninsured. That’s risky. Fires or other catastrophes don’t give advance warnings.
A homeowners policy will normally cover the following:
* Damage to the home, outbuildings, storage sheds and fences
* Liability protection to protect the homeowner in the event that someone is injured on the property and files a lawsuit
* The loss of use portion of the policy covers some of the living expenses while repairs are being made
* Homeowners policies cover medical payments for anyone injured on the property
* The personal property insurance covers the contents of the home if they are damaged or stolen
* A special insurance policy is needed to protect the home from floods, earthquakes or hurricanes
How Much Insurance Coverage is Enough?
Generally, insurance should cover the costs of rebuilding the home if it was totally destroyed. It’s important to remember that the land and foundation are not included. The replacement cost of the home should not be based upon the sale price of the home, the tax assessment or the value calculated by the mortgage company. An experienced insurance agent can calculate a safe amount of insurance and reevaluate it yearly.
Maintain a Home Inventory
If there is a fire or theft, it’s a lot easier to satisfy any requirements of the insurance company by having an inventory. Make a video or take lots of pictures of the items and important sales receipts. If the inventory contains fine art, antiques or expensive jewelry, it’s best to have these items appraised. Keep all of these inventory records stored in a fireproof safe or on the internet.
Certain Dog Breeds Make it More Difficult to Buy Homeowners Insurance
Some insurance companies feel that certain dog breeds pose a greater risk and will refuse to insure the property. It may be possible to become insured after showing that steps have been taken to alleviate the risk, such as obedience training. An insurance agent will be able to offer advice as to the best insurance possibilities.
At Northeast-Metro West Insurance, they will find the best homeowners policy for you since they have contracts with over 25 different insurance carriers. Check Out Neinsure.com when you need home insurance in Worcester MA or the surrounding area. Of course, they also carry condo, rental, auto and business insurance. Call for a quote today.
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