Homeowners insurance protects what can be for many individuals their largest and most precious asset against the financial consequences of personal losses.
A homeowners policy, a combination of property and liability coverages, is tailored to meet the needs of a homeowner and usually includes coverage for building, contents, appurtenant structures and loss of use provision in the event of a covered loss. Some homeowners policies also provide the option to add additional lines or extended limits of insurance in exchange for an additional premium, such as scheduled jewelry, guns, watercraft or recreational vehicles.
Important considerations when you purchase homeowners coverages are deductible options and/or types of available discounts.
We recommend insuring your home and contents for replacement cost. Replacement cost is the amount needed to repair the damage or rebuild the home to its pre-loss condition. An estimate of the replacement cost of an insured home is used to establish the home’s “value” for insurance purposes. It affects your premium and what coverage options may be available. It can also affect how you are paid in the event of a full loss or partial loss to your property.
Remember, once you purchase your homeowners policy, always visit with your agent upon the yearly renewal to keep your coverage up to date.