Do You Have the Right Housing Insurance

Sunday, August 19, 2012

Do You Have the Right Housing Insurance

A lot of families consider their home as their biggest and most important asset. Aside from having a huge value, it is where families seek comfort and refuge. Experiencing damages to one’s home can certainly cause a lot of stress and huge expenses. And no matter how burdensome and costly it can be, restoring the house to its normal, habitable and pleasant state can never be put off or delayed.

This is why families know the importance of housing insurance. While misfortunes, which may damage homes, happen rarely, families could not afford making one time and huge expenditures in bringing back their homes to its normal condition. 

However, it is not enough that families get housing insurance. They should ascertain that they have the important coverage in order to be protected adequately.

Important Areas of Home to Consider

When looking for the right housing insurance, these are the areas of home that families need to make sure that they are covered:

·         The house itself – For getting housing insurance, this may seem like a no-brainer. However, homeowners should ascertain that the house is covered from natural disasters that may happen. While disasters such as hurricane, storms, lightning and fire are usually included in most insurance policies, coverage from some events such as earthquake and flood has to be specified by the policy owner.

·         Belongings within the home – Disasters that are capable of damaging the house can usually damage the belongings inside as well. Families going through a disaster also need to have things that will make their home comfortable to live in. A housing insurance policy that will also cover personal belongings will allot 50 to 70 percent of the house’s coverage. But if a family needs more than the allotted amount for personal belongings, they can take an inventory of their things inside their home.

To have a more sufficient cover for all the things inside the home, it is advisable that the policy owner get endorsements to increase the coverage of the items, especially if there are valuable items inside the house such as expensive laptops, jewelleries, vehicles, etc. Expensive items will also need to be appraised in order to be reimbursed for its full value and not its purchase or market value. 

·         Loss of house use – When disasters damage the house and its belongings, families may need to live in a hotel for the mean time. Most housing insurance policy reimburses the homeowners for the expenses that they incurred while living outside their house, such as hotel costs and meals, normally up to 30 percent of the housing insurance coverage.

Final Words

If the housing insurance is able to cover these areas of a house, the family is sure enough that they have ample protection from uncontrollable and unforeseeable events. However, when working with an insurance agent, it is important for families to still need to ascertain their specific housing insurance needs and put this consideration first before the premiums that has to be paid.

About the author:

Jaydeen Taylor writes on different kinds of insurance, including landlord insurance.

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