Here’s a checklist of things you should consider when you purchase homeowners insurance:
- Determine the amount and type of insurance that you need. The coverage limit of your house should equal 100% of its replacement cost. If your policy limit is less than 80% of the replacement cost of your home, any payment from your insurance company will be less than the full cost to replace your home. You’ll have to pay the rest out of your own pocket. Also, decide if the personal property and personal liability limits are adequate for your needs.
- Determine which, if any, additional endorsements you want to add to your policy. For example, do you want the personal property replacement cost endorsement, an earthquake endorsement, or a jewelry endorsement?
- Once you’ve decided on the coverage you want in your homeowners insurance policy, consult us. We’ll be able to help you determine if there are any gaps in coverage you might not have been aware of and explain the details of the policy’s exclusions and limitations, as well as recommend an insurance company that will live up to your expectations.
Related FAQs
The standard insurance policy does not pay for direct damages caused by earth movement. “Earth movement” is a much broader term than “earthquake”. It includes earthquakes, volcanic activity, and ...
Personal property (except property that is specifically excluded) is covered anywhere in the world. For example, suppose that while traveling, you purchased a dresser and you want to ship ...
*Note: this answer is based on the Insurance Services Office’s HO-3 policy. A: The dwelling and other structures on the premises are protected on an “all risks” basis up ...
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