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Q&A
About
 Homebuying
Q&A
About
Home Maintenance
and Repair
Benefits
of
Home Ownership
Living
in Your
New Neighborhood
About
Home
Owner's Insurance |
When you own your home, your insurance needs
change a great deal, and you should talk with an insurance agent to determine
that you have optimal coverage.
Your agent should sit down with you to identify what coverage you'll need
for your new home and what changes in coverage you'll need for your family.
Typically, a homeowner's insurance policy will cover the actual structure
itself and any damage it may incur from a catastrophe like a fire or a
storm. Don't be surprised if the amount of the coverage is less than the
value of the home. Remember your property is valued at a certain amount
and the structure at another, so the value of the property or land itself
is often not included in the coverage.
Policies also include coverage for your possessions inside the home. If
you have items like jewelry, furs, or expensive pieces of equipment, you
may wish to get additional coverage for them to make certain they can
be replaced in the event of loss.
Additionally, coverage can help protect you from liability in the case
that someone is injured in your home.
Aside from your actual homeowners insurance, you will likely want to examine
life insurance and disability coverage for members of your family. As
your agent should explain these policies can be adapted to ensure that
in the event of a tragedy, your family can remain in the home without
financial difficulty.
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