Your home is one of the largest investments that you’ll make in your lifetime; this is why you should have adequate insurance in place to protect your assets and personal belongings. Insurance cover protects the contents of your home and the structure itself in case of fire, theft, and other disasters that can happen. It’s important to know just how much insurance you need so that should disaster strike, you’ll have enough money to replace your belongings and return to a normal way of life as soon as possible.
Your Needs
You will want enough coverage so that should your home be totally destroyed you can rebuild and replace the furnishings just as you had them originally. You can hire a contractor in your area to do a walk-through to provide you with an estimate of the cost of rebuilding; this is an excellent method of determining replacement cover. Take note also of any special details or architectural designs that will need to be covered specifically. You can explore the advantages of guaranteed replacement costs as well as extended replacement and inflation guarantee coverage for your home. If you live in a flood prone or earthquake zone you’ll want to inquire about special cover for your home since these disasters aren’t covered on basic policies.
The Deductible
The deductible on your insurance policy will be comparable to your healthcare or auto insurance; the higher the deductible the lower your premium will be. Try to take the highest deductible that you can afford so that your monthly premium will be affordable, but don’t stretch your budget to the point that you can’t pay the deductible when a crisis happens. Remember not to file a claim for everything that happens to your home; this can cause your rate to increase. You should have the skills and talents to do some repair work yourself or call on friends and family to help you out when they can. By keeping your home properly inspected and maintained you’ll prevent many disasters from happening. Make a priority call list of electricians, plumbers, and other maintenance and services professionals on whom you can call in an emergency situation. Establishing a good working relationship with the local tradesmen in your area can be of great help in an emergency.
Research Your Options
Before you make a final decision on which household insurance policy is best for you, you should take some time to compare companies online and evaluate the services that they provide. It’s important to choose professionals that you trust, who offer you credible and reliable information, and that attend to details that interest you.
