5 Things You Must Know About Insurance Homeowners

Not All Home Insurance is the Same

When it comes to insurance, homeowners should be aware of exactly what the policy covers and, even more importantly, specific items it does not. Many times, when shopping for insurance, homeowners will choose the one that sounds best and is at a reasonable price. This may actually not be the best choice for them. Insurance homeowners will need to cover the things that they may not automatically think of. Take some time to think about what could happen at your home. While hurricanes may not be a common occurrance, do you live near the water where it could happen? You will want to be sure you are covered. The same for flooding. There was a case recently in Cranston, Rhode Island, where homeowners either assumed they were covered for flooding or assumed they did not need it. Yet one spring, they found out that the insurance homeowners needed in that area should, in fact, cover flooding. Many found themselves in homes that needed much more work than what they could afford. Still, a couple of years later, homes sit empty in that neighborhood.

Coverage

Checking your current homeowners insurance policy is a good idea. Do not wait until you hear of a big storm coming to do this. You want to know beforehand that you are covered. Be sure your homeowners insurance covers your home. See that your structure is covered and that it is covered for enough to make the repairs or even possibly rebuild if necessary. You will also want your homeowners insurance to cover your items that are inside the house. You may have to replace your belongings, and you will want to know the money is there to do so. Homeowners insurance should also cover anyone who may be hurt on your property. For example, if someone falls down icy front steps, you want that covered.

 

Keep Records

Take inventory of your items. Using a video camera and walking through the home to show your items is a good idea.  This will help if you ever have to file a claim with your insurance homeowners. Keep this inventory in a safe place that you will have easy access to. Once you have your inventory, it is a good idea to check to see what the replacement value of your items are. Even though it will cost more, you may want to think about changing your homeowners insurance to include replacement value insurance. Without that, you will most likely not be able to replace your items with what you receive from insurance.

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