You know you need to get some type of home insurance to protect your home, but there are so many options that you can feel overwhelmed. It is important to determine how much insurance you will need to adequately protect your home, property and contents. Don’t forget about the items inside your home either. Some basic insurance policies only include coverage for the property itself. It is ideal to look for home and home insurance that covers everything including walls, furniture, appliances, carpets, jewelry, electronics, and so on.
At a minimum, make sure you get insurance that covers the property itself, contents, legal liability if someone is injured on the property, and loss of use so you can pay for temporary housing until the home is repaired.
If you want money for actual REPAIRS, you’ll need additional coverage like flood, fire, windstorm, and so on. Depending on where you live, flood and hurricane insurance may still be required.
Think about how much it will cost to rebuild the house and how much money you will need to replace all the things you lost. Home and home insurance is designed to help you plan for the absolute worst, whatever that may be.
Don’t just consider the cost of rebuilding, there will also be market fluctuations to consider. Plus, the value of many of your belongings will likely decrease over the years. If you have done any remodeling or added new features, this will affect the overall value of the home.
Home and home insurance for the worst case scenario
How much will it cost to rebuild and replace in a worst case scenario? This is something you may want to work with an agent as well as the contractors who helped with the renovation.
Is a broader policy right for you or do you want specific extras? Is there anything you want to exclude? If you live in an area that experiences freezing cold temperatures during the winter months, you may want to consider a policy that includes pipe freeze protection. If you live in a valley and could lose your home to landslides, or have damage to your home from falling rocks, consider a policy that includes protection from falling objects.
As for the contents of the house itself, go from room to room taking inventory. In addition to approximating the costs of valuable items like jewelry and electronics, you should also remember to include furniture, merchandise, appliances, wall art, and so on.
Start looking at plans offered by companies such as Lemonade. With its helpful tools like an artificial intelligence bot, you can get a home and home insurance quote in just 90 seconds. Lemonade discounts are among the best in the industry and the company is very transparent.