Whether you are a new home owner, or have owned your home for a longer period of time, theres no doubt you have many questions about home owners insurance. You want to protect your home, your possessions, and your family. Below are five of the most frequently asked questions about home owner insurance.
1. As a home owner, am I required to have insurance? Yes, in most cases, especially if you have a lender. Its also wise to look into insurance if you are in the process of constructing your home, and even renting your home to someone else.
2. What types of coverage does home owner insurance provide? Two typescasualty, which covers the home and contents, and liability, which covers anyone who is injured on your property. With both types the amount of coverage depends on the policy.
3. Will the replacement cost be the same as the sale price of my home? No. The replacement cost will cover the amount needed to replace the structure and/or contents. Replacement cost is usually calculated based on the individual policys formula. Its wise to take inventory and photographs of your home and contents.
4. Will home owner insurance cover damage or theft outside...
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