New homeowner or first time owner what you need to know?

3/12/2019 (Permalink)

Today's learning about new homeowner insurance.

New homeowner or first time owner what you need to know?

You’ve recently purchased a home and want to ensure your investment is protected. Reviewing your insurance policy is the first step.

Question to ask your insurance provider.

1. Policy Limit – You need enough cover to not only repair your homes value but to demo possible during a claim. So, if you purchased your home valued at $180,000 means you need $180,000 + value of demoing the building. In a fire you may have sustain so much damage you need to remove the structure and start over, that price will exceed your purchase price.
2. Content Limit – If you had to clean or replace all the items in your home what value is that? Furniture, decoration, clothing, food, appliances etc. Most insurance carries will have a formula to estimate the value based on your homes value.
3. Itemize - Your specialty antique items, jewelry, and guns normally need to be itemized on your policy to ensure the replacement cost is adequate. Some policy standardly only come with $2,000 in guns and ammunition coverage.