Do You Have Enough Home Insurance?

Should you be concerned? Stop and think about it. Do you have sufficient coverage for your home in the event of a total loss? Would your current policy cover the cost of rebuilding your home at today's prices? Have you taken the time to actually read your homeowners policy? Are you paying too much for your current coverage? Go below for your FREE Home Insurance quote! 

What Is Home Insurance?

What is home insurance? Good question. Home insurance is primarily bought to protect the contents of the home as well as the structure itself from loss, liability, or natural disasters. Some type of home insurance is required if you have a mortgage balance on your home.

What Does Basic Coverage Include?
  • Dwelling - protects the structure of your home and other structures attached to it. The basic homeowners insurance policy pays you in case of any damage due to fire, and severe storms. Tornados and hurricanes may be covered.
  • Other Structures - provides protection for structures or dwellings on your property but not attached to your residence.

  • Loss of Use - reimburses you for expenses you may incur if your home becomes uninhabitable due to a loss covered by the insurance policy. residence (unattached garage, storage, shed, fencing, boundary etc.).
  • Personal Liability - provides coverage if another person brings a claim or lawsuit against you for bodily injury and/or property damage resulting from negligence on your property.
  • Medical Payments - provides coverage for medical payments if a third party is injured by or on your personal property.
  • Unscheduled Personal Property - covers damage to your personal effects owned or used by you inside or outside the home.

What May Not Be Covered Or May Be Limited In Coverage?
  • Mold and some related water damage.
  • War, nuclear accidents and terrorism. A local riot would likely be covered but being attacked by terrorist or armies would not. Similarly, if your home is irradiated by a nearby power plant you probably are not covered.
  • Natural disasters.  If your home burns down in a wildfire and you live in a remote are or your home is rattled apart by an earthquake, or inundated by a flood you may not be covered. Similarly, if you are the victim of a landslide.
  • Termite infestation of your home.

  • High risk pets like Pit Bulls or Rottweilers.
  • Intentional damage.  Intentional damage by an insured person -- or by the person's spouse, children or relatives living in the house. 
  • Computer equipment .  Most computer equipment is covered but only to a specific limit.
  • Luxury items and collectibles (coins, guns, artwork, jewelry etc). Most of these items have specific limitation.

  • Ordinance or law changes (building code changes).

How Much Coverage Should Be Purchased?

Here is a checklist that will help you determine how much coverage you may need.

  • Purchase the amount and type of insurance that you need.
  • Find out what the current value of your home is.  Do you want insurance to cover 100% of the cost to rebuild your home (replacement cost)?
  • Find out how much personal property coverage is allowed per the home structural coverage. (Most standard home owners policies will cover personnel possessions for approximately 50% to 70% of the amount of coverage you have on the house's structure). Determine if that is enough?
  • Do you want your personal property covered at replacement cost?
  • Determine the amount of personal liability coverage you need. It is recommended that you ave enough to cover the value of your assets in case you are sued.
  • Do you have collectibles? How much of their value do you wish to cover?
  • Are you in a flood or earthquake area? Determine if you need coverage for this.
  • Do you wish to cover the cost of water or sewer damage through a policy or out of pocket?
  • If ordinances or building codes should change do you wish to have insurance coverage to bring your home up to code?

How Can I Lower The Cost Of My Insurance Premium?  

There are a number of ways to lower the cost of your homeowners insurance.

  • Shop Around 
  • Ask if discounts are offered
  • Increase the deductible
  • Purchase more than one type of insurance from the same company
  • Install security mechanisms

Go below to get your FREE Home Insurance quote!