A home that is underinsured is a major risk that can cost you a lot of money. Making sure you have plenty of coverage for your home is essential in keeping you well-prepared for a wide range of situations. Discussing all of your needs with an insurance agency can help you determine if you have enough home insurance or if you should consider additional coverage. These insurance professionals can also get multiple quotes from the top insurance providers across the country to help you choose the best insurance at an affordable price.
Does Your Home Insurance Cover the Costs to Rebuild?
Home insurance will need to cover all of the costs for rebuilding your house in the event of a total loss, such as from a hurricane or a fire. Many factors will impact the cost of rebuilding. For example, the square footage of your house, construction costs, types of building materials, and any special features will all need to be considered in calculating the cost of rebuilding your home. Reaching out to a local appraiser is a great way to gain an estimate for the costs of rebuilding, as this will give you an idea of how much insurance you need to cover these costs.
Understand the Difference Between Actual Value and Replacement Cost
Choosing between actual value or replacement cost is a big decision on your home insurance. Actual cash value calculates depreciation on your claim settlement. For example, your home insurer will pay you the actual value of your 5-year-old computer instead of paying for the costs of buying a brand-new computer. On the other hand, replacement cost provides you with more robust coverage, as this includes the costs of buying a new computer.
Keep Your List of Personal Items Up to Date
Many people make the simple mistake of not creating a list of their personal items. However, it’s a good idea to keep a list of all the valuable items you have in your home while including receipts. You can choose from a variety of apps to help you make a list, as you can store this information online, and you won’t have to worry about it getting destroyed in your home. Typically, most home insurance policies will give you $2,500 worth of coverage for these items, as you will likely need to buy extra coverage for high-value items.
Which Valuables are Covered by a Special Rider?
Traditional contents coverage doesn’t include all of the items in your house, as you will need to buy a supplemental rider for high-value possessions. For example, it’s a good idea to get additional coverage if you have valuable antiques, art, jewelry, furs, or other items stored in your home. Reaching out to an insurance agency can help you determine how much coverage you need for these items. Getting several quotes from different insurance providers can also help you find the best coverage that matches your needs.
Do You Conduct Any Business at Home?
Working at a home office gives you additional flexibility, and it’s a great way to cut down on costs. However, it can be easy to forget that you will need business insurance to cover your work-related items if they are ever damaged in a fire or other scenarios. Buying general liability insurance for your business is also important in protecting you from a client getting injured at your home. An insurance agent can discuss all of your available options to help you choose the right coverage for your situation.
Should You Consider Earthquake and Flood Insurance?
A standard home insurance policy doesn’t usually provide coverage for earthquakes or floods. Buying supplemental insurance policies for flooding is a great way to keep you protected, as floods are an all too common problem in Florida. An insurance agency can shop around to help you find the best flood insurance to meet your needs. On the other hand, you most likely will not need to worry about purchasing earthquake coverage if you live in Florida.
Do You Need an Umbrella Policy?
An umbrella policy provides you additional liability coverage for both you and your family members. In other words, an umbrella policy gives you additional coverage for property damage, injuries, personal liability situations, and even some lawsuits. For example, an umbrella policy can cover the medical expenses for someone getting bit or injured by your dog. Buying an umbrella policy is a great way to gain additional coverage, and they are usually inexpensive.
Contact an Insurance Agency to Learn More
Trying to figure out how much insurance you need for your home can often feel confusing for many people. One way to simplify this entire process is to contact an insurance agency. These insurance professionals will work on your behalf to find the best coverage for your home. You will feel better knowing that you have sufficient insurance coverage for any situation by partnering with an insurance agency that has years of experience in the industry.
Need Additional Home Insurance? Reach Out to Wellcovered Insurance!
Wellcovered Insurance is a top-rated agency that partners with over 30 insurance carriers across the United States. Our experienced team works with clients in Volusia and Seminole Counties.
Providing the best customer experience is our priority, as we will return your phone calls on the same day, and we can give you a home insurance quote in only one or two business days. You can also drop by our local office if you have any questions about your insurance or if you need to make any changes. Our focus is to make it easy for you to find the best insurance that fits your budget.
We also specialize in many other types of insurance, such as auto, condo, RV, commercial property, professional liability, and much more. Staying active in the local community is also a big part of our focus, as we value building long-term relations with each client.
Feel free to give Wellcovered Insurance a call today to learn more about all of your home insurance options!
