Homeowners insurance policies offer a comprehensive package of protection against losses or damage to your home and its contents. Some of the perils covered include fire, windstorm, vandalism, theft and personal liability. In addition to coverage for the structure itself, these policies often include coverage for additional living expenses and medical payments.
In the most simple of terms, your homeowners insurance policy should offer you the protection necessary to pay you to rebuild your home in the event of a loss. This value is based upon the size, age, construction, location and special features of your home. It is important for you to realize that market value, mortgage amount and original purchase price are not the proper figures to use when determining replacement value.
If you own a townhouse or condo, you should check your association's policy for the proper coverage. Many association policies do not provide coverage for infrastructure, such as inside walls, electrical, plumbing and heating systems and appliances. If you find this applies to you, you could purchase a policy that fills in the gaps as well as providing protection against loss of personal contents and property in your condo.
Your home is by far one of your most valuable assets! Make sure you have adequate protection. Contact Olweiler Insurance Agency today for a no-obligation replacement cost estimate!