Whether you are a new homeowner or have owned your home for a longer period, there’s no doubt you have any questions about homeowner’s 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.
- As a home owner, am I required to have insurance? Yes, if you have a lender. It’s also wise to look into insurance if you are in the process of constructing a home or renting your home to someone else.
- What types of coverage does homeowner insurance provide? Property insurance, which covers the home and contents and liability insurance, which insures your liability for bodily injury to a third party.
- 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 same structure and/or contents. Replacement cost is usually calculated based on the individual home’s characteristics. We recommend you take photographs of your home and contents.
- Will homeowner insurance cover damage or theft outside of my home? Generally, yes but policies differ. Be sure to ask about your specific coverage.
- Are home-based businesses covered under homeowner insurance? No, unless you qualify for an endorsement to your current homeowner insurance policy. Generally, you need a business owners insurance policy. You can void coverage on certain structures as well if they are used in your business.
Of course, homeowners will have more questions about homeowner insurance particular to their own situations (including protection against the elements, possessions that are no longer in the home, contents of vehicles, etc.). When searching for a homeowner insurance policy, be sure to ask about coverage relevant and beneficial to your own situation.
North Bay Insurance Brokers, is your trusted solution for homeowners insurance. We offer coverage options that are both flexible and affordable, and will work with you on an individual basis to find a policy that best suits your needs. Our team is dedicated to providing the assurance that your family and your possessions are secure.