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Do I Need Homeowner Insurance?

By: Henry Ingrams

A home for most people is the largest purchase they will ever enter into. Homeowners insurance protects the buyers and their investment in many ways. Having the proper insurance in place will ensure you are able to rebuild your home in the event of damages caused by any insured peril, without further cost to you. It also protects your investment in the contents of your home such as clothing, furniture, electronics, jewelry, etc. If you intend to borrow money for the purchase of your home, the lender will require that you have homeowners insurance in place.

What If I Am Planning To Build A New Home?

Most insurance companies require that you have the insurance in place before the basement or slab is poured. As soon as you know when you will be starting construction, you can ask for a quote based on your start date. The insurance company will require the start and expected completion dates of construction along with all the details of 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.

Do I Need More Insurance If I Plan On Renovating My Home?

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.

Are My Jewelry and Art Collection Covered By My Homeowners Insurance?

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.

If I Plan A Vacation, How Is My Homeowners Insurance Affected?

If you plan on going away for a period of time, you must enlighten your insurance company of the dates, and what provisions you have made to ensure your home and contents are safe. Insurance companies have various conditions for this and you should speak to your agent or broker to make certain you are in compliance. In case you sell your home and the home is empty, your policy will not cover any losses. You must phone your insurance company and arrange for the suitable insurance prior to the home becoming vacant.

Article Source: Main Articles

Before you purchase Homeowner Insurance, check out Henry Ingrams tips about getting Homeowner Insurance Online.

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