Press release
How much Homeowner’s Insurance do I need?
Your home is one of the biggest investments you make. It is obvious that you would want to protect this valuable investment and the best protection for your house is Homeowner’s Insurance.One commonly asked question in this regard is, “How much Homeowners Insurance do I need?”
The amount of homeowner’s insurance you need depends on several factors – the house itself, construction, valuables, your specific requirements and more.
Here are a few tips on how you can estimate the amount of insurance coverage you need.
Market Value and Replacement Cost
Many home owners buy homeowner’s insurance that just covers the market value of the house. But this may not be enough.
Calculate the replacement cost of your home. It is the amount of money you need if you have to rebuild your home to its previous condition in the unfortunate event of a loss. The replacement cost is often different from your home’s market value, purchase price or the outstanding mortgage.
You need to account for the following to calculate the replacement cost.
* Size of your house, in terms of square footage
* Quality and type of construction and materials used
* Add-ons to your home
Read the fine print
It is important to read the fine print of your policy’s coverage, before you buy one. Homeowner’s insurance covers your home and any additional structures, such as a shed or a pool.
Most policies offer 10 percent of the coverage amount on additional structures as compared to the amount of coverage you receive on your home. You may want to request additional coverage, if you think they are worth more than that.
Personal Liability Coverage
Many homeowner’s policies also include personal liability and medical expense coverage. Your homeowner’s insurance company generally pays up to $100,000 against you for an injury that occurred on your property.
But this may prove insufficient, so many home owners buy a separate personal umbrella liability policy, which provides additional protection.
Protect your valuables
If you have valuable collectibles or art in your home, you may want to add more homeowner’s insurance coverage for additional protection. Your valuables are NOT always fully covered by your homeowner’s insurance.
Read your policy carefully and find out sublimit for artwork, jewelry and collectibles. If your valuables are worth more than the sublimit, buy additional insurance to cover them and have them scheduled to your policy.
Talk to a professional
Above all, it is best to discuss your specific insurance needs with an insurance agency. A reliable insurance agent can help you determine the best policy to suit your needs.
To learn more about homeowners’ insurance or to consult Ian J Norris at Sabal Insurance Group in Florida, call 800-716-9948.
Sabal Insurance Group
1000 East Broward Boulevard
Fort Lauderdale, Florida 33301
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