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Homeowners Insurance
Homeowners Insurance will provide you peace of mind about your new home. Having the right type and right amount of homeowners insurance will allow you to protect your investment and enjoy your lifestyle. If you’ve moved to the First Coast from another state, you should shop around for different rates, according to the Insurance Information Institute. While shopping for the best rate, dig a little deeper and do some additional investigating. Try to avoid confusing the amount you paid for your home with the cost of rebuilding. Don’t include the value of your land in determining how much homeowners insurance to purchase. Check consumer guides, insurance agents and the National Association of Insurance Commissioners (www.naic.org).
The Institute also recommends you check the financial stability of the insurance companies you are considering selecting by reviewing such rating companies as A.M. Best and Standard & Poor’s. According to the Insurance Information Institute, there are three basic ways to insure your new home. Replacement Cost is one type of homeowners insurance and involves the cost of replacing the damaged property without deduction for depreciation. However, it is limited to a maximum dollar amount. Another homeowners insurance option is Guaranteed Replacement Cost, which pays the full cost of replacing the damaged property without having a deduction for depreciation while excluding a dollar value. However, some companies that do offer this coverage limit it to 120-percent of the cost of rebuilding your home. Actual Cash Value involves paying the policyholder an amount equal to the replacement value of damaged property minus an allowance for depreciation. You will be covered for the actual cash value unless your homeowners policy specifies that your property is covered for its replacement value. Also keep in mind various ways you may secure a discount on your homeowners policy. For example, some insurance carriers offer discounts if you have another policy with that company. Other companies provide discounts for your proximity to a fire hydrant, installing smoke detectors, burglar alarms and deadbolt locks.
In the event you have to rebuild your home, there are various factors that will determine those costs. You will want to review such factors as local construction costs, the square footage of the structure, the type of exterior wall construction (frame, masonry or veneer), the of the home, the number of rooms, the type roof, and attached spaces such as garages, fireplaces and exterior trims. In the event you need more information homeowners insurance, don’t hesitate to consult your professional Realtor®.
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