Getting a new home insured is one of the most important steps in the home buying process. Homeowners insurance helps cover the cost of doing repairs and rebuilding, so you won’t have to worry as much about coming up with the money for these projects.
Here are a few tips for insuring your home, so you can make sure that it has the financial protection it needs:
- Make sure your home has full coverage. The cost of rebuilding and refurnishing a home is extremely expensive, so it’s important to ensure that you’re fully covered. An insurance company or home builder can provide an estimate on how much this cost would be for your home. Once you have this estimate, you’ll need to choose Guaranteed Replacement Cost Coverage, Extended Replacement Coverage or Inflation Guarantee.
- Get liability coverage. You might not ever need it, but it’s important to have this type of coverage. Liability coverage protects you financially in case someone is injured on your property or you or someone in the household accidentally damages a neighbor’s property. It covers the cost of repairs or medical bills.
- Protect your valuables. A basic homeowners insurance policy only takes care of structural damage and the cost of replacing major items in your home, such as furniture and appliances. Valuables, such as family heirlooms or expensive jewelry, typically aren't covered. You’ll need to get additional coverage for these types of items.
Need more tips for insuring your home and choosing a reputable insurance company?
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