In the wake of changing mindsets over large homes and the shift to sustainable living, un-used space has become a “no no” in the home design industry. These changes emanate from low
Understanding Homeowners Insurance
Safeguarding your home is critical, as it is likely one of your largest investments. Homeowners insurance protects your home, its contents and other assets in the event of fires, theft, accidents or other disasters.
A standard homeowners insurance policy will provide the insurer coverage for costs related to:
• Damage to the interior and exterior of your home
• Loss or damage to personal belongings
• Personal liability for damage or injuries caused by you or your family
• Loss of Use Coverage while your home is being repaired
An important factor to consider when selecting a homeowners policy is how much coverage you need. Your policy should cover enough to rebuild your home if it were to be destroyed completely. In addition, if you have things of exceptional value such as art pieces or family heirlooms, you likely need to purchase additional coverage for those items. Walk room-by-room and calculate how much items would cost to replace. Make sure to include furniture, televisions and electronics, clothing, jewelry, shoes and other items around your home. This is a great time to take photos of your personal contents, in case of a loss. Be sure to keep records and photos away from the home.
Be sure to consider the location of your home. Most standard policies will cover damage to your home as a result of fires or fallen trees but will likely not cover damage from earthquakes or floods. Homeowners living in an officially recognized high-risk area for floods are required by law to have flood insurance.
Finally, when deciding which insurance policy to choose consider the deductible. Like all other types of insurance, you should opt for the highest deductible you can afford, as this will cause your insurance premium to be lower. There are also many factors that you may not be aware of that can change the cost or coverage such as owning a trampoline, swimming pool or having certain breeds of dogs. Additionally, you may save on your policy if you have an alarm system. I would be happy to refer you to someone who can give you fantastic advice on homeowners insurance. Call me today to set up an appointment!
Karen & Henry Seale
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