Understanding Insurance Policies

Understanding Insurance Policies

4 Tips For Properly Insuring Your Home

Samantha Reynolds

If you own a home, buying insurance coverage is a huge priority. You always want to be sure that your home is properly covered so that you don't have to worry about financial problems if your home ever has damage done to it. Here are four tips to help guarantee that you are properly covering your home:

  1. Know the Replacement Value: Every year, you should have a home inspection done. This will determine the replacement value of your home, which is what you want to have covered. You don't want to cover the market value of the home, which is what some homeowners do by mistake. The market value can be significantly different from the replacement value of the home. This is because the market value of the home is determined by the market price of the neighborhood and many other factors. 
  2. Always Take Inventory of Your Valuables: When you insure your home, you are also getting insurance for your personal belongings. This is because when you purchase homeowners insurance, you receive coverage for personal property protection. This is going to provide coverage for valuables, such as jewelry, laptops, TVs, and more. It's important to take inventory of these items every year to be sure that you have enough personal property protection in case of theft, flooding, fire, or other types of emergency. 
  3. Measure Liability Coverage Properly:  When you purchase insurance for your home, you are going to want to add liability insurance. This protects you if someone is hurt on your property and decides to sue. You will want to add additional liability coverage if you have certain features of your home that can pose as a threat to someone, such as stairs or a swimming pool. 
  4. Understand What Emergencies Aren't Covered: Finally, you need to know what your homeowners insurance won't cover under the basic coverage. In this case, you should carefully decide whether or not you should add additional coverage to your policy. For example, some homeowners insurance won't provide coverage for a flood unless you add it to your policy. Determine whether or not your home is prone to flooding. You can ask the neighbors if flooding has happened in the past and you can look up whether or not your home is in a flooding zone.

When you consider these four tips, you can be sure that you are doing everything you can to be sure that you are properly insuring your home. For more information, contact an insurance agency such as Knepper Insurance Group.


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About Me
Understanding Insurance Policies

After I moved out of my parent's home, I started learning more and more about insurance policies. I was involved in a bad car accident, and I ended up working with my car insurance company as well as my medical and dental insurance companies. I paid my premiums and enjoyed coverage, but I didn't really understand how the entire insurance claim process worked. I wanted to make this blog to help other people like me to learn more about insurance coverage. Check out this blog for more details on insurance coverage, how to file a claim, and what you should expect throughout the shopping process.