Whether it is your primary residence or a weekend getaway, a home is a major investment. Homeowners insurance policies must be configured to protect a home and its contents against damage from natural disasters, vandalism and theft. The right one will also protect your personal assets if someone is injured on your property. Here are a few tips for choosing the right policy for your situation.
Consider the Home’s Value
Policy limits should be high enough to cover the entire cost to rebuild in the event of a total loss. Custom homes, in particular, may lack sufficient coverage to accomplish this. Numerous features can cause your home to be undervalued in a traditional policy.
Protect Personal Property
The structure of your house isn’t the only thing protected by an insurance policy. You’ll want to secure coverage for any personal property that could be damaged or stolen. In some cases, such as with private art, antique, or jewelry collections, this can require a substantial amount. Talk to your agent about any valuables that are kept inside the home and the best strategies to provide coverage for them.
Understand Your Liability Risks
Consider what you have to lose if someone is injured on your property. Include liability limits sufficient to protect personal assets when designing your policy.
Choosing the right homeowner’s insurance policy doesn’t have to be difficult. Working with an agent who understands your needs and the local market smoothes the process out and will help ensure you have adequate coverage.