Whether you just bought your home or have had it for a while, you probably have a lot of questions about homeowner's insurance. You want to keep your family, your home, and your things safe. Here are the top five questions about homeowner's insurance that people ask most often.
- Will the cost to replace my home be the same as what it sold for? No. The cost to replace the building and/or its contents is what the replacement cost is. The formula for each policy is usually used to figure out the replacement cost. It's smart to make a list and pictures of everything in your home.
- Do I have to have insurance if I own a home? Most of the time, yes. This is especially true if you have a lender. It's also a good idea to look into insurance if you're building your home or renting it out to someone else.
- What kinds of protection does homeowner's insurance offer? There are two kinds of insurance: one covers damage to the house and its belongings, and the other covers anyone who gets hurt on your property. The amount of coverage for both types depends on the policy.
Will my homeowner's insurance cover damage or theft that happens outside my home?
It's up to the policy. Sometimes this kind of coverage comes with standard policies, but if it doesn't, ask if you can buy it for extra money.
- Does home owner insurance cover businesses that people run out of their homes? No, unless you qualify for an addition to your current homeowner's insurance policy. If not, you should think about getting business owners insurance.
Homeowners will have questions about homeowner insurance that are specific to their own situations (including protection against the elements, possessions that are no longer in the home, contents of vehicles, etc.). When you're looking for homeowner's insurance, make sure to ask about the coverage that will help you the most.
