Typically the single largest purchase of any person is buying a home. This makes getting the right property protection a must. The best way to do this is by getting a good insurance review that fully covers your investment.
A good insurance review helps you – the homebuyer – determine:
- Proper replacement costs for the actual structure and your personal belongings on the property. Note that personal property includes everything from appliances to clothing, which is typically equal to 75 percent of the value of the home.
- Liability coverage for negligence you could potentially be sued over. For instance, your dog could bite a guest or a visitor could fall down your stairs due to a lose handrail.
Is Everything Covered?
Never assume everything is covered just because you have a policy. There are many intricacies and a variety endorsements that you may – or may not – need. Ask your insurance agent to thoroughly assess what you need for your property
Consider asking these key questions:
- Do I have flood insurance? Do I need it?
- Do I have earthquake insurance? Do I need it?
- Do I have back up of sewer and drain? Do I need it?
Some people assume that flood and earthquake are covered with a standard homeowners insurance policy. But the typical policy covers wind (tornado) and fire while earthquakes and floods are not covered.
The good news is that every insurance agent is able to write policies for the additional coverage you need. To ensure you’ve covered for extended catastrophes that typically impact the area your home is located, you may want to add a:
- Earthquake rider to cover for potential earthquake damage
- Flood insurance policy written through the National Flood Insurance Program.
Get Peace of Mind
Ensuring you have the right insurance coverage for your property will provide you with peace of mind. If something does happen, you can know that everything is properly covered and protected.
In essence, a good insurance review and policy transfers any risk to the insurance company. With proper coverage you don’t have to worry day in and day out because you have the insurance company behind you.
You have to be just as responsible to share about what you have at your house and know what you probably should and shouldn’t have – best way to do this is to get with you insurance agent and have a face-to-face conversation
About Mick Lundy
Mick Lundy is an approved sponsor of Because You Served. Since 1995 Mick has worked as State Farm Insurance Agent. Located in Beavercreek, Ohio, Mick is an active community member serving on the Beavercreek Schools Board of Education, Rotary Club and Dayton Chamber of Commerce. He offers a wide array of insurance coverage including Home and Property Insurance. Learn more about how he can support you at www.micklundy.com.