A home is often the most expensive item of property that a person or family will own. When buying a home, most lenders (banks) require that the homeowner maintain homeowner’s insurance for the value of replacing the home until the home loan (mortgage) is fully paid.
Then when the homeowner completes payment and fully owns the home, the wise homeowner will maintain insurance so that if the home should be damaged or destroyed, the damage to the home or replacement of the home can be paid through an insurance payout or settlement.
Homeowners insurance also provides resources for helping individuals who may be injured while in your home or on your property.
If you’re looking for a company to provide home and auto insurance, our home owner insurance agent is here to serve you.
When identifying the total amount to insure your home you need to include:
1. The value of the structure of your home,
2. The value of possessions in your home,
3. The cost to live elsewhere while the home is being repaired or replaced and
4. The cost of liability for others who may be injured in your home or on your property.
Online tools like www.zillow.com can help you identify the value of your home and property.
Keeping a log of possessions in your home including a description, photos, original cost and current assessed value is helpful to identifying the value of all items in your home.
Our trained and licensed homeowners’ insurance agent is highly experienced with helping individuals and families identify the total insurance needs for the home.