Purchasing a home can be so overwhelming for new home buyers they rarely give more than minimal thought to homeowners insurance.
Purchasing a home is a very big purchase and introduces you to a new way of life. The process of buying a home, however, can often be an overwhelming experience. So much so that new home buyers rarely put enough thought into the home insurance process. Your home is an expensive purchase so you want to make sure that it is financially covered should something happen to it. Before you sign on the dotted line, here are some new homeowner’s tips to homeowners insurance.
New Homeowner’s Guide to Homeowners Insurance
- Cover the Home’s Replacement Cost
One of the biggest mistakes new homeowners make is to only cover their home for its market value. Your homeowners insurance should cover the cost of rebuilding your home if it is completely destroyed. This is because the market value of your home can fluctuate and that amount may not always correspond to the complete reconstruction of your home.
- Don’t Overlook Liability Insurance
You may think that your guests are nice people who would never think of suing you. The truth is that the threat of legal action is a real concern for everyone, especially if you have assets like a home, investments, and savings. Liability insurance covers any medical bills and any legal fees (up to the covered limit).
- What Is Not Covered?
Knowing what’s not covered is as important as knowing what is so you can take the proper steps in reducing the risk of an accident.
As a new homeowner, you need to take a step back and think rationally about your homeowners insurance to ensure it is properly covered. Make sure that you have a homeowners insurance that works hard for you! To get excellent coverage for your Connecticut home, contact C.V. Mason Insurance Agency in Bristol today.