How much would it cost to rebuild my home at today's prices?
Your home is probably the single largest investment you'll ever make. By insuring your home, you are helping to protect your investment and your equity.
Estimating your home value will help you to make a determination of the amount of insurance you will want to purchase. The primary factors that will determine the cost to rebuild your home include:
Local construction costs and the square footage of the structure
· The type of exterior wall construction -- frame, masonry (brick or stone) or veneer -- and the type of roof
· The style of the house (ranch, colonial)
· The number of bathrooms and other rooms
· Attached garages, fireplaces, exterior trim and other special features like arched windows.
What's the best way to inventory my belongings?
· Keep detailed records of personal property including receipts, serial numbers, appraisals and the name and addresses of appraisers with these descriptions.
· Don't forget to inventory what's in your closets, attic and basement.
· Videotape or photograph your inventory.
· Take a photograph with your closet door open to indicate the quantity of your clothes.
· Keep your inventory up-to-date.
Does homeowners insurance protect me if someone gets hurt on my property?
Typically homeowner's insurance covers your liabilities if a guest falls and requires medical care. The amount of liability coverage is determined by your policy limits.
Am I required to carry homeowners insurance?
Unlike auto insurance you are not required by law to have homeowners insurance but your mortgage company may require it.
If I rent but don't own can I still get coverage?
Yes. Renters can purchase policies very similar to homeowners that cover personal property, liability, medical expenses etc., the renters policy simply does not cover the actual dwelling.
What is not covered by typical homeowner's insurance?
There is a wide variety of damages, conditions, and costs that are not covered by homeowner's insurance. For example:
· Your claim exceeds your maximum stated coverage amount.
· You have flood damage.
· You have losses related to business activities in your home and you do not carry incidental business insurance.
· Your claim is covered by other insurance.
· Someone else who is intentionally insured under your policy caused your claim.