Most homeowners insurance policy will take care of repairs to or
reconstruction of your home if it is damaged by fire, smoke, theft or
vandalism, or bad weather such as lightning, wind or hail.
A standard homeowners policy, in general, covers your
appliances, furniture, and other possessions, as well as medical expenses and
legal fees if people other than you or your family are injured on your property.
Jewelry, artwork or
other collectibles in your home, identity theft protection, or damage caused by
an earthquake or flood are only covered by optional policies.
If flood insurance is
not offered by your homeowners
insurance company, you may be eligible for coverage through the National Flood
Insurance Program, administered by the Federal Emergency
Mana0gement Agency.
NFIP policies are
offered through independent agents nationwide. Costs and requirements can vary
widely depending on risk factors where you live. FEMA’s website includes an
interactive flood map that can help
determine the risk in your area.
To determine whether you
need additional homeowners insurance beyond what’s
included in a standard policy, start with the most obvious factors. If you live
in or are looking at homes in an area prone to earthquakes, wildfires or
extreme weather, look for a policy that covers those types of events.
Next, think about what
it would cost to replace major items such as a damaged furnace, water heater,
roof or even your entire home. Talk to an independent insurance agent, call
insurance companies directly or check company websites for guidelines.
Inventory your
possessions, including your vehicles, artwork and other valuables. Consider
what it might cost to live with relatives, in a hotel or in a rental unit while
your home is being repaired or rebuilt.
A basic rule of thumb is
to make sure you buy enough coverage to replace your home and its contents. Be
honest in your assessments and make sure that any policy you consider will be
sufficient.
Blog Republished from MyMoneyMyQuotes
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