After a disaster, large or small, you’ll want to rest assured that you’ve covered your home well enough to rebuild it, replace possessions, and even to help pay for alternate housing if needed. Naturally, you’ll also need to make certain that you have not left out protection against typical hazards. Here at Anton Insurance in Columbus, WI., we will help you compare coverage to make certain that you’re ready for anything at a price you find affordable. Since there’s no one-size-suits-everybody homeowners policy, find out what kind of protection you need.
What Types of Home Insurance Do You Need?
Explore the basic kinds of insurance included in a typical home policy:
- Rebuilding the home: The price you paid or even more recent market prices can be higher or lower than the amount you would need to rebuild your loan. For rebuilding, you won’t need to buy a new lot. On the other hand, construction costs may amount to more than the value of some modestly priced older houses. Make sure you work with your agent to estimate rebuilding costs, and you should also revisit that figure every few years.
- Replacing personal possessions: A typical home policy might pay up to half of the house’s insured value to replace home contents. You should take a home inventory to make sure that’s enough. Also, you will want to make sure your possessions are covered at their replacement value and not their actual value. Otherwise, you might need to shop for replacements at thrift stores or sidewalk sales. Keep in mind that policies generally cap limits at much lower amounts for specific kinds of possessions, like art and jewelry. You may want to ask about upgrading this coverage to cover your Grandma’s precious china or your wedding ring.
- Relocation insurance: If you need to leave your home during repairs, you’ll be happy to have an insurer help you pay for a motel or apartment. Sometimes this is capped at about 20 percent of the house’s covered value. In other cases, there might be a time limitation as well. You can usually upgrade this protection as well. Generally, this kind of insurance will only pay if a covered threat damaged your home.
Besides property damage, home policies also protect you against liability claims. Basic policies usually cap liability insurance at around $100,000. If you have more than that much to lose in case somebody sues you, you should increase your liability insurance. You can upgrade your policy or choose to purchase a separate umbrella liability insurance policy. The umbrella policy will pay after your other insurance, including homeowners and auto policies, have already exhausted their liability limits.
Also, notice that your home policy will exclude damage from certain hazards. Here in Wisconsin, common exclusions include floods or land movement. If you want to be certain that you’re covered against a sudden storm surge or sinkhole, you might discuss adding that type of coverage with your agent.
How to Make Sure You Have the Best Home Insurance?
At Anton Insurance we know that all of our clients have unique situations. Similarly, some insurers are friendlier to different kinds of customers and protection needs. As independent insurance agents, we will work with you to find the company that has the best plans and premiums for your specific needs. Get in touch with us right away by phone or email to discuss your home. You can also use our online quotes for free at any time.