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We insure manufactured homes along with single
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Homeowners Insurance ABCs
Buying a home is one of the single largest investments that most people
ever make. If you need to protect that investment, your main line of defense
is homeowners insurance.
Just the basics
Most standard policies will provide coverage for damage to your home (and
many of the items in your home) caused by:
· Theft
· Fire and lightning
· Smoke
· Frozen pipes
· Ice and snow
Homeowners insurance also provides coverage for liability claims, medical
payments to third parties, and legal costs if a lawsuit is brought against
you. The most common amount of liability coverage included in a homeowners
policy is $300,000 but you may need much more, depending on your circumstances.
What's not covered?
Read your insurance policy to find out exactly what is and is not covered.
Do this before you suffer a loss, so you won't be surprised. Most insurers
exclude damages caused by an act of war, nuclear accident, flood, earthquake,
and terrorism, although you may be able to purchase special policies or
endorsements that will cover these events.
A diamond is forever. Or is it?
Most homeowners policies limit coverage for certain high-priced or hard-to-replace
items. Additional endorsements or floaters will be necessary to protect
items like engagement rings, watches, furs, antiques, and other valuables.
You'll need to have each item appraised.
How much is enough?
Mortgage lenders require that borrowers purchase a minimum amount of homeowners
insurance (typically equal to the appraised value or the purchase price
of the home). But this is often not the amount of coverage you truly need.
Instead, find out how much it would cost to rebuild your home, and consider
insuring it for that amount.
You get what you pay for
Are you willing to pay more to have damaged personal property replaced?
If so, consider purchasing replacement cost coverage. When it comes to valuing
property, insurers generally use one of two methods. The first, actual cash
value, pays you an amount equal to the replacement value of the property,
minus depreciation for the years you owned the item. The second, replacement
cost, is more expensive, but it pays you the full |
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