Your home is usually your most valuable and expensive asset and should be protected. Homeowners Insurance (also called Home Insurance or Hazard Insurance) offers financial and liability protection of your home and possessions. You need Homeowners Insurance to cover the structure of your home, your personal belongings, and the cost of living expenses in case you have to move while repair work is being done. Also covered are liability claims and health costs that result from property loss and injury caused to other people.
Purchasing enough Homeowners Insurance will ensure sufficient coverage in the event of a total loss of your house and its contents. You will also want to be insured in case someone gets injured on your property and sues you, or in case you or your family members cause damage to other people's property.
Homes should be insured for 100% of their value. This enables it to be re-built in today's market. If you don't have adequate coverage, you may be paid only some portion of your house's values, which will be insufficient for replacing or repairing lost or damaged property.
The rule of 100% insurance replaced an earlier industry recommendation - insuring one's house at 80% of value. While former statistics showed that the total destruction of a house was unlikely, recent statistical data of weather and other natural disasters and its devastating results demonstrates quite another picture.
Call or email us. We can answer questions you may have about insuring your home and property.