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A Quick Look at Homeowner’s Insurance

There are many items to check off the list during a move, and homeowner’s insurance is an important one.

There is no law that requires you to have a homeowner’s policy, but most mortgage lenders require it to protect their investment in your structure. Your home is probably your biggest financial investment, too, so protecting it just makes sense.

What does homeowner’s insurance policy typically cover?

  • Your house. It can help to pay for repairs or rebuilding of the main house and other structures such as a garage or shed following a covered loss. This can include fire, tornado, lightning, criminal act, or other accidents.
  • Your belongings. You may think that hand-me-down couch isn’t worth much, but replacing your items after a catastrophic loss can add up. Home insurance can help pay to replace your possessions including furniture, clothing, jewelry, household goods and collectibles.
  • Your liability. Your home policy may also provide you liability coverage and help if you are sued by someone else. For example, if your dog bites a neighbor, your homeowner’s insurance can cover their medical expenses. If someone is injured on your property, you will be glad you have a policy to cover any unexpected expenses.
  • Your temporary accommodations. If you are displaced for a short period or extended time frame while your house is being repaired or rebuilt, a home policy will cover part or all of the cost of a hotel or rental unit until work is complete.

Is anything excluded?

Many homeowner’s policies exclude earthquake and flood damage, though separate policies are available. You will want additional insurance for expensive items such as art or fine jewelry. Also, standard home policies do not include termite or insect damage, rust, mold or general wear and tear.

How much insurance do I need?

An insurance professional can easily help you navigate the specifics of your policy. They will recommend an amount that will cover the value of the structure after researching the cost to rebuild in your area. You will provide your insurance agent with a detailed inventory of your belongings so you have enough coverage for personal property.

Where do I start?

As soon as you have signed a contract for the purchase of your new residence, you should start shopping around for homeowner’s insurance. Many companies offer bundled discounts, so check with your car insurance carrier to see if it is offered. Ask your family and friends about their experience with homeowner’s insurance including cost and customer service.

One more thing to do after you’ve signed a contract for purchase is call the professionals at ABC Quality Moving and Storage. It is one of the easiest items to check off your list, and you’ll know your move will be stress free and affordable. Call us for a quote today at 1-888-933-MOVE.