A new home always inspires thoughts of the fun times that await your family in the space. As you are finalizing the sale, make sure that you have the right home insurance in place. While most lenders require a certain level of insurance to protect their investment, you need to consider if their requirements will also meet your financial needs. Homeowners’ policies are designed to financially protect your family and assets in case an unforeseen event damages or destroys the home. Purchasing a home is often the largest investment you’ll ever make so protecting it with the right amount of coverage is important.
While a homeowner’s policy covers the house, it will also include any structures on the property. This protects any sheds, fencing, or gazebos located on the property. Further, it will cover the contents of the home and your personal possessions such as furniture and clothing. Additional coverage is needed if there are specialized collections such as artwork, jewelry, or furs.
While people generally are concerned about the potential of fire or damage from severe weather, the homeowner’s policy covers a wide range of perils including theft and vandalism. Homeowner’s policies are written as “replacement value” or “cash value”. A policy for replacement value will cover the cost of damage to the home or its destruction based on the value at the time of purchase. A policy for cash value will base the amount the policy will pay on the value of the home including depreciation. You and your agent can discuss which is more suitable for your situation. The policy will also provide liability protection if someone is injured while visiting the property.
At The Heuman Insurance Agency, our agents work with homeowners throughout Washington to get the coverage they need. They’ll spend some time getting to know you and your lifestyle, so they can recommend policies that fit your current situation. The agents at The Heuman Insurance Agency want you to be protected. Call today and get the coverage you need.