A lot of families
consider their home as their biggest and most important asset. Aside from
having a huge value, it is where families seek comfort and refuge. Experiencing
damages to one’s home can certainly cause a lot of stress and huge expenses.
And no matter how burdensome and costly it can be, restoring the house to its
normal, habitable and pleasant state can never be put off or delayed.
This is why families know the
importance of housing insurance. While misfortunes, which may damage homes,
happen rarely, families could not afford making one time and huge expenditures
in bringing back their homes to its normal condition.
However, it is not enough that families
get housing insurance. They should ascertain that they have the important
coverage in order to be protected adequately.
When looking for the right housing insurance, these are the areas of home that families need to make sure that they are covered:
·
The house
itself – For getting housing insurance, this may
seem like a no-brainer. However, homeowners should ascertain that the house is covered from natural disasters that may happen. While disasters such as
hurricane, storms, lightning and fire are usually included in most insurance
policies, coverage from some events such as earthquake and flood has to be
specified by the policy owner.
·
Belongings
within the home – Disasters
that are capable of damaging the house can usually damage the belongings inside
as well. Families going through a disaster also need to have things that will
make their home comfortable to live in. A housing insurance policy that will
also cover personal belongings will allot 50 to 70 percent of the house’s
coverage. But if a family needs more than the allotted amount for personal
belongings, they can take an inventory of their things inside their home.
To have a more sufficient cover for all the things
inside the home, it is advisable that the policy owner get endorsements to
increase the coverage of the items, especially if there are valuable items
inside the house such as expensive laptops, jewelleries, vehicles, etc.
Expensive items will also need to be appraised in order to be reimbursed for
its full value and not its purchase or market value.
·
Loss of
house use – When disasters damage the house and its
belongings, families may need to live in a hotel for the mean time. Most
housing insurance policy reimburses the homeowners for the expenses that they
incurred while living outside their house, such as hotel costs and meals,
normally up to 30 percent of the housing insurance coverage.
Final Words
If the housing insurance is able to
cover these areas of a house, the family is sure enough that they have ample
protection from uncontrollable and unforeseeable events. However, when working
with an insurance agent, it is important for families to still need to
ascertain their specific housing insurance needs and put this consideration
first before the premiums that has to be paid.
About the author:
Jaydeen Taylor writes on different kinds of insurance, including landlord insurance.
Jaydeen Taylor writes on different kinds of insurance, including landlord insurance.
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