Introduction
As anyone who owns a home knows, homeowner insurance is a must. Homeowner insurance protects you in case of damage. One homeowner insurance policy may differ greatly from another. Homeowner insurance is not a cookie cutter item. Each person must determine the best homeowner insurance policy for their situation. The main thing to remember about homeowner insurance is that it is something that everyone who owns a home should have and that you should be sure to have an adequate amount of homeowner insurance to cover your home in case of total loss. In addition to homeowner insurance being necessary for your security and well-being in case of damage to your home, it is also a mandatory item that your mortgage company will insist upon.
When determining the best homeowner insurance policy for your home, be sure that you take into account the amount of money it would cost to rebuild your home. When it comes time to choose homeowner insurance you will be able to choose a policy that offers replacement cost or one that offers actual value. The best choice is the policy that offers replacement cost. This will cover the actual cost to rebuild or replace what was destroyed at today's cost. An actual value policy deducts money for depreciation. So you will not get as much as you would for a homeowner insurance policy that offers replacement value. Those with an actual value policy may find that they do not have enough money to rebuild their home.
If you have expensive antiques, jewelry, artwork, or collectibles in your home, you may want to add a rider to your insurance policy. A basic policy will pay up to a certain amount for items damaged or destroyed. If you have valuables, this may not be enough to cover the value of these items. Adding a rider to the policy allows you to increase the amount these items are insured for. It is a good idea to make your insurance agent aware of these items that are in your home when you call to discuss your homeowner insurance policy. You should take photographs of these items and keep them along with any appraisals that were done on these items in a safe place in case the need to file a claim arises.
Tips and comments
It is a good idea to walk around your home with a video camera to record personal property and items of value. This will be useful if you ever have to file a claim.
Keep receipts for new items that you purchase. Keep them in a safe place that you will be able to get to in the event of disaster or damage to your home.
Consider natural disasters that could occur in your area and speak to your agent about your coverage for these items. Many homeowners mistakenly believe that they are insured for everything, when this may not be the case. For example, flood insurance may be something you should have added on if there is a chance of floods in your area. Earthquake insurance is another items that will have to be added on separately. It is best to be safe and adequately insured.
If you do not have homeowner insurance on your home, your mortgage company may take out a policy themselves, however, it will cover just the actual building and be enough for them to recoup their loss. You will not be covered for your items.
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