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Know Your Home Insurance Coverage

Q - I am buying my first home and need home insurance.  How can I be assured that I have good coverage and my investment is protected?

A - Any time you have a mortgage on your home, you require insurance so that the mortgage lender is protected.  Aside from this requirement, you, as a homeowner, also require protection.  The home insurance policy can be lengthy and complicated like so many legal documents.  However, a discussion with an insurance agent about the various policy options which are available is very helpful.

Let me name a few areas that you may want clarified.

Are you covered for damages caused by some of nature's catastrophic events such as tornados, lightning,  hailstorms, floods, high winds and earthquakes?   If you live in an area prone to such events, it is even more important to be sure of your coverage.  It may cost you extra so you will have to assess the risks such events could bring.

Are you covered for fire loss and to what extent?

Are you covered for theft?

What kind of compensation will you receive for your home if it is destroyed?  Market value or replacement value?

How will you be compensated for the loss of contents of your home?  Replacement value or depreciated value?

Is there a cap on the amount that is paid out for certain kinds of losses- jewelry, collectibles, paintings and so on?

These points will get you started.  Be diligent, do your research and ask the questions so that you will know exactly what kind of coverage you need and can expect.

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