| Is Homeowner Insurance Necessary? | | Print | |
| Written by Henry Ingrams | ||||||
| Saturday, 30 August 2008 | ||||||
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A home is the largest purchase people will ever make. Homeowners insurance guards the purchasers and their investment in a lot of ways. Having the correct insurance in place will guarantee you are able to rebuild your home in the event of damages caused by any insured threat, without further outlay from you. It also protects your investment in the contents of your house such as clothing, furniture, electronics, jewelry, etc. If you intend to borrow money to buy your home, the lender will require that you have homeowners insurance.
A home is the largest purchase people will ever make. Homeowners insurance guards the purchasers and their investment in a lot of ways. Having the correct insurance in place will guarantee you are able to rebuild your home in the event of damages caused by any insured threat, without further outlay from you. It also protects your investment in the contents of your house such as clothing, furniture, electronics, jewelry, etc. If you intend to borrow money to buy your home, the lender will require that you have homeowners insurance. If I Am Planning To Build A New Home, When Do I Need To Get Insurance? Nearly all insurance companies require that the insurance be in place before the basement or slab is poured. The moment you know when construction will start, you can request a quote. The insurance company will want the start and expected completion dates and details about the finished home. If you have an existing homeowners' policy in place, contact your broker or agent, and they may simply add an endorsement to cover the construction of the new home. If I Plan On Renovating My Home Do I Have To Arrange For Further Insurance? Contact your agent before construction begins or additions are added to your home. Since you are making changes, your insurance companies must be informed. In addition, any renovations or additions will affect the value of your home and you will need to make sure that you are properly covered. Does Homeowners Insurance Cover Jewelry and Art Collections? Homeowner insurance policies can differ from company to company in the limits set for stuff like jewelry, art, photography equipment, musical instruments and so on. Examine your policy carefully to find out what your exact limits are. If the items you are concerned with exceed the cost limit, you will need to list them in order to have them insured. This may entail professional appraisals, pictures and precise information related to each item. Will My Homeowners Insurance Cover My Business If I Work From Home? Most insurance companies provide coverage for home based businesses on their homeowner policies, but limits can vary. Contact your insurance company through your agent or broker with the details of your business, including any equipment specific to the business. Depending on the nature of your home based business, there may be an additional premium charged or you may have to acquire a separate policy. Is My Homeowners Insurance Affected If I Go On Vacation? If you plan on being away for a period of time, you must inform your insurance company of the dates, and what arrangements you have made to ensure the safety of your home and contents. Insurance companies have different criteria for this and you should contact your agent or broker to make sure you are in compliance. In the event that you have put your home up for sale and the home is vacant, your existing policy will not cover any losses. You must contact your insurance company, and arrange for the proper insurance before the home becomes vacant. Article Author: Before you buy Homeowner Insurance, check out Henry Ingrams tips about getting Homeowner Insurance Online.
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| Last Updated ( Saturday, 21 August 2010 ) | ||||||
