Seven Things to Consider when Buying Homeowner’s Insurance
Whether it is your first time to purchase a house or move to a new house, learning about homeowner’s insurance must be on your priority list. Purchasing homeowner’s insurance must be taken seriously. When you need to make a claim on your policy, you will discover how wonderful your decision has been to consider many things during the shopping process. These things include the following:
- Costs of Rebuilding your Destroyed Home
Homeowners insurance is meant to protect you in case of a disaster. Ensure you buy a policy that allows you to rebuild your house in its current site when a disaster like a fire or hurricane destroys it. Let your insurance agent calculate the cost of rebuilding your house.
- Worth your Home’s Content When the House is Destroyed
The destruction of your house will also mean destruction of its content. Take inventory of your belongings and their values including clothes, appliances, furniture, artwork, electronics, and others. Ensure you cover your possessions in an amount that ranges from 50 percent to 70 percent of your structure’s coverage.
- Liability Coverage to Purchase
Liability insurance protects you when you, your family, and pets get sued for causing property damage or injury. Liability coverage worth $300,000 can be fair enough, unless you own substantial assets. In this case, you need more protection so you need an umbrella policy.
Also, you need this coverage if you own a swimming pool. Your policy may pay for expenses such as court cost when you are found responsible for the accident like somebody suffered a serious injury or drowned while in your pool.
- Specialist Cover for an Unusual Home
Insurance companies like homes made of bricks so when your home is atypical, like a listed building or a renovated small space, you may need to get specialist coverage. For this type of property, premiums tend to be higher since they pose a greater risk to insurance providers.
- Additional Living Expenses Coverage to Purchase
After a disaster, you may not be able to live in your home. And if your insurance policy covers that disaster, your Additional Living Expense coverage will come into play and pay for meals, hotels, and extra expenses. Try to get this form of coverage that values at least 20 percent of your home’s coverage.
- The Need for a Stand-alone Flood and Earthquake Insurance Policies
The majority of homeowner’s policies don’t cover damage that results from earthquakes or floods. If your house sits in an area prone to either of these disasters, you need to purchase standalone policies.
- Eligibility for Discounts
A lot of insurance companies provide discounts on premiums for customers with safety equipment such as smoke detectors and security systems in their homes. Also, they likely offer discounts to members of the military or senior citizens.
For insurance services in Miami Florida, please call Amco Insurance at 786-243-9222 or 305-251-0217.