Make certain you get enough coverage to rebuild should your home be destroyed. The key terms to differentiate between are replacement cost and market value. Get coverage using the replacement figure.
Take photos of your home inventory with
written appraisals if you have important pieces like artwork and jewelry.
Electronics depreciate quickly, so take care not to take out too much insurance
on these items. The market fluctuates on certain valuables, so review your
policy annually. Keep the photos and appraisals in a safe place other than your
home.
An Umbrella Policy ensures that you
have sufficient liability protection above the coverage in a basic policy.
Liability coverage protects a homeowner if they’re sued for an injury that
takes place on their property. This type of insurance is particularly important
if you conduct business in your home or if you have regular services like a weekly
landscaper, pool maintenance, housekeeping, etc.
Flood insurance is more than protection for a home in an area prone to flooding. Even if you live in an apartment on a high floor, you should carry flood insurance in the event a neighbor’s washer overflows.
If a house becomes unlivable make
certain adequate living expenses are provided by your insurance to pay for
living accommodations, food, transportation and other expenses. This coverage
is “additional living expenses” (ALE).
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