10 THINGS YOU SHOULD KNOW ABOUT PURCHASING HOME INSURANCE

While it may not be something we enjoy considering or investing in, having the appropriate home insurance truly matters when the worst occurs. Don't wait until after a disaster to find out that your homeowners' insurance doesn't fully cover you. Here are 10 important things to know for peace of mind and complete protection right now:

1. WHAT’S COVERED home-insurance-things-to-know

Most homeowners' insurance policies provide coverage for damages resulting from perils like fire, windstorms, hail, lightning, theft, or vandalism. Certain policies might also cover other perils. Generally, floods and earthquakes are excluded from this coverage. Home insurance things to know.

2. SAFETY PAYS

Safety features like deadbolts, smoke alarms, burglar alarms, and fire extinguishers can lower your insurance premiums.

3. REPLACEMENT COST VERSUS MARKET VALUE

Replacement cost involves the expenses to repair or rebuild your entire home. Market value refers to the price someone would pay to purchase your home and the land it sits on in its current state.

4. MULTI POLICY DISCOUNTS

Purchasing several policies, like Home, Auto, and Personal Umbrella Insurance, might make you eligible for an extra discount.

5. DEDUCTIBLE OPTIONS

Opting for a higher deductible could make you eligible for extra savings on your yearly premium.

6. HIGH VALUE ITEMS

If you possess valuables like jewelry, antiques, or collectibles, they might not be included under the standard provisions of your homeowners insurance. You might need to buy a separate floater.

7. READ YOUR POLICY CAREFULLY

A home insurance policy is a legal agreement that clearly outlines both your rights and responsibilities, as well as those of the insurance company.

8. CONSIDER AN UMBRELLA

Umbrella insurance serves as additional liability coverage. It is intended to safeguard you against significant claims and lawsuits, thereby protecting your assets and future.

9. HOMEOWNERS INSURANCE FOR CONDOS AND COOPS

When you own a condo or co-op, you—not your association—are responsible for the interior of your home. This is why having a personal homeowners insurance policy is essential.

10. HOME INVENTORY

Create a home inventory, including receipts, to ensure you have an accurate assessment of the value of your possessions. This preparation will be beneficial if you ever need to file a claim.