Whether you’re buying home insurance for the first time or the fifth time in Pinecrest, FL, assessing your needs is a top priority. You want to make sure that your valuable investment and family are covered if a disaster strikes. At Hamilton Fox & Company Inc. we recommend learning about your policy, limits, terms and coverage before buying a home insurance policy.
So, how do you assess your needs to know how much home insurance to buy? This article explains ways you can check your home insurance needs.
Determine the cost of rebuilding your home
The value of your home keeps changing, which makes it unreliable when determining the actual cost of your home. To know the real value of your home, check the cost of materials, size and labor in your area. A Pinecrest, FL contractor can help you get the estimate.
Calculate the value of your personal belongings
Your home is made up of your personal belongings–the furniture, electronics, appliances, clothes, shoes, curtains and other items. Calculate the value of all items and come up with a figure that you will use when buying a personal belonging coverage.
Do you have costly items?
If you have pricey items in your home, you may want to budget for a separate policy as home insurance does not cover expensive artwork, jewelry, and fur. Be sure to enquire about the items when buying your policy.
Check how much additional living expenses(ALE) you will need
When your home is destroyed and becomes inhabitable, your additional living expenses coverage will pay for your temporary living arrangement. The policy primarily covers hotel stays, meals and other living expenses. If you have a big family, you may want to make sure that your coverage is adequate to meet all their needs.
Your home insurance is the only investment that can protect your home in the event of a disaster. Make sure you are adequately covered. If you need help assessing your needs, feel free to contact Hamilton Fox & Company Inc. for guidance.