If your home is damaged or destroyed, you want to make sure you and family are fully protected. Home insurance can give you that peace of mind. To ensure proper coverage, you want to have both property and liability insurance. These will help you recover in the event of such calamity.
First party property insurance covers the dwelling and should be insured up to the amount it would cost to rebuilding the property. It’s not always insured up to market value. Insurance agents can give you an estimate based on square footage of your home.
You will also want to consider other structures under property insurance. These would include detached garage, shed, tennis court or swimming pool. Make sure you check the policy which are sometimes capped at 10% of the total worth of the property. Make sure you perform an inventory of your possession in your house. Items like antiques, jewelry, musical instruments and valuable artwork can be covered. You should schedule an appraiser to determine the value of these items.
Another important part of property insurance is coverage for you and your family to live a temporary dwelling. This part of the policy is called “Loss of Use” If you have a covered claim and you are unable to stay in your home. This part will give you the funds to temp relocate.
Another part of homes insurance is liability. Although, it is hard to imagine lawsuits but this type of insurance protects the homeowners from claims against negligence. Make sure the policy cover legal costs. Liability also includes medical expenses.
So in the unlikely event that you will need home insurance make sure you are covered for the value of your home, its surroundings and valuables inside the house.