Home Insurance: What You Need To Know

Dec 20, 2016

Appraisal for your homeLearning about the appropriate home insurance coverage can help you prepare for the most advantageous rates and policies for your needs. Your home may be your largest and most valuable investment, so it never hurts to be informed. Keep some of these facts in mind when you explore your options and always take the time to plan ahead where you can.

Structural Coverage

Perhaps the most important part of any home insurance policy is the structural coverage portion. This section covers all types of damage to your home, including storm, fire and other disasters. It is a good idea to insure your property for 100 percent of the rebuilding costs, as this can help protect you in the event of complete destruction of your property.

Content Coverage

As implied, content coverage is the section of the plan that covers the cost of replacing your belongings. If they are stolen or destroyed, you will be reimbursed depending on your insurance. Most standard coverage limits are at 50 percent of the structure’s value. Think about the overall costs and be sure to invest accordingly to preserve your belongings.

Liability Protection

With a liability protection plan, you are covered according to a number of scenarios. It covers your damage to other properties, damage to your property and medical expenses others may suffer on your property. On average, most homeowner policies may provide individuals with an introductory minimum of $100,000, though you may want to invest in a higher coverage plan depending on any number of factors.

Additional Living Expenses Reimbursement

Finally, should some type of disaster render your home uninhabitable, it is important to be covered for additional living expenses. With this section of the insurance, you are protected for stays elsewhere while your home is rebuilt or renovated. Like with any other policies, it is a good idea to assess your realistic needs before shopping.