Most homeowners simply apply for homeowners insurance and never give it another thought. Many homeowners also include their homeowners insurance payment with their monthly mortgage. Homeowners insurance can range anywhere from a few hundred dollars a year to several thousand dollars a year depending on the type of insurance, the value of the home and any additional insurance.
Most homeowners are covered for basic damage and repair including damage from storms or natural occurrences, theft and fire but additional insurance for damage due to flooding must be purchased separately.
Read more: Do I Need Different Insurance for a Condo?
Insurance agents will determine how much it would cost to rebuild your home from scratch based on the current market prices. This will determine how much insurance you actually need and what it covers for both repair or replacement and any personal property or damage. It's always a good idea totake inventory of everythingin your home by making note of its value and taking a picture of it. Of course, you'll want to keep this information outside of the home either with a trusted friend or family member. This could come in handy if you need to backup your claim with specifics.
Certain items may not be covered so you'll want to get additional insurance just to make sure if something should happen you are covered.This might be on particular jewelry, large items such as grand pianos or personal property inside the home. If your insurance will not cover the replacement you want to add on additional insurance.
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Typically additional insurance is not expensive and may only when you a few extra dollars a year. You'll also want to make sure that you are protected by liability insurance. If a visitor falls on your steps or your dog attack someone you need to know your insurance will pay for court battles and any awards you are forced to pay out. A $300,000 policy is typically normal for liability protection but if you have a large number of assets you may want to look into an umbrella policy, which covers everything. As with most insurance, higher deductibles equate to lower premiums and vice versa. Find out what you can afford and how much it will cover based on your income and your budget.
For more information on homeowners insurance, property evaluation and details on your Portland home or property feel free to give me a call at any time.