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Why Get Homeowner Insurance?

Jun 14, 2008
A home is the largest purchase people will ever make. Homeowners insurance guards the purchasers and their investment in a lot of ways. Having the correct insurance in place will guarantee you are able to rebuild your home in the event of damages caused by any insured threat, without further outlay from you. It also protects your investment in the contents of your house such as clothing, furniture, electronics, jewelry, etc. If you intend to borrow money to buy your home, the lender will require that you have homeowners insurance.

When Do I Get Insurance If I Am Planning To Build a New Home?

The majority of insurance companies require that you obtain the insurance before the basement or slab is poured. Once you know when you will be starting, you can ask for a quote. The insurance company will need start and expected completion dates along with all the details of the finished home. If you have an existing homeowners' policy in place, contact your broker or agent, and they may simply add an endorsement to cover the construction of the new home.

I Am Renovating My Home, Do I Need More Insurance?

You should contact your broker or agent before beginning construction on renovations or additions to your home. Because you are making material changes, the insurance companies have to be informed. Also, any renovations or additions will affect the value of your home and you will want to make sure that you are properly insured.

Are My Jewelry and Art Collection Covered By My Homeowners Insurance?

Homeowners insurance policies vary from company to company in the limits set for items like jewelry, art, photography equipment, musical instruments and so on. Read your policy carefully to find out what your particular limits are. If the values of the items you are concerned with exceed the limit, you will need to schedule them in order to have them insured. This may require professional appraisals, pictures and specific information related to each item.

If I Work From Home, Will My Homeowners Insurance Cover My Business?

Most insurance companies offer coverage for home based businesses on their homeowner policies, but restrictions may apply. Get in touch with your insurance company with the details of your business, including any equipment particular to the business. Depending on the type of business, there may be an extra premium charged or you may have to obtain a separate policy.

If I Go On Vacation, Is My Homeowners Insurance Changed?

If you will be away for a period of time, you must notify your insurance company of the dates, and what preparations you have made to guarantee the security of your home and contents. Insurance companies have different conditions for this and you should make contact with your agent or broker to make sure you are in compliance. In the event that you sell your home and the home is vacant, your policy will not cover any losses. You must call your insurance company and arrange for the appropriate insurance before the home becomes empty.
About the Author
Before you purchase Homeowner Insurance , check out what Henry Ingrams has to say about getting Homeowner Insurance Online .
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