The Basics on New Homeowners Insurance

Everyone needs protection for your investment with homeowners insurance in the disastrous event that wind, fire, or other disaster destroys your home. Homeowners insurance will protect ones home from disaster, including property loss and injuries to third parties. It is a safe guard for your investment.

Here is what Standard Homeowners insurance policy covers:

Structural damage to the home. This insurance will pay to repair or rebuild the home if damaged by any of the disasters that are listed in the policy (earthquake and flood must be purchased separately). Don't base rebuilding your home on the price that you paid for your home, and do not include the price of the land when estimating rebuilding. The insurance amount needed to rebuild will need to be sufficient enough to cover the rate of construction in the county that you live in. This amount can be estimated by multiplying the home's square footage by the square foot cost of local construction---these numbers can be found by gathering information from the building associations, realtors, and insurance agents.

Loss of Personal Items. There is a 70% compensation for the loss of furniture, clothes and keepsakes that have been stolen or lost due to disaster. You must keep and inventory of all your possessions ( on video if you would like) and store in a safe place in case of and emergency.

Liability- A coverage that typically begins at 100,000, but most experts recommend having three times this amount. Check umbrella policies these policies provide broader liability coverage and higher compensation limits. Financial protection against third party bodily injury or property damage will be awarded through the court system but will only cover the amount to the policy limit.

Additional Living Expenses- This coverage will cover all hotel bills, restaurant tabs and other miscellaneous expenses should you be forced to live elsewhere while your home is being rebuilt or repaired. But before the purchase of this policy, take time to ask about your time frames and the specific limits and what is covered and what is not covered.

About the Author

Jim Valek is owner of Sarasota Insurance Agency Valek Insurance and Bonds. With over 30 years of experience in Sarasota Homeowners Insurance, car insurance, homeowners insurance and policies for commercial property for Florida residents

Author (getmejustice). Submitted on Thu, 20 Oct 2011 Time: 9:39 PM

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