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Fournier Law Blog

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What to Consider When Purchasing Homeowner’s Insurance

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You have made the decision to purchase a home!  It is a major commitment and quite a financial investment.  It is important to protect that investment and homeowner’s insurance will provide coverage for a variety of different situations.  In an article published by Yahoo Finance, Jeanie Ahn reviews some basic guidelines for purchasing the correct insurance coverage for your home and belongings.

Obviously, it is important to purchase coverage that provides the funds to repair or rebuild a home that is damaged by disasters such as severe weather and fire.  However, depending on the location of your home, you may need to also consider additional coverage such as flood insurance or earthquake insurance.  It is vital that homeowners understand what types of situations are and are not covered by their homeowner’s insurance policy and secure the appropriate protection

Not only do you need to protect the structure of your home, you also need to have coverage for your personal belongings inside of the home such as furniture and clothing.  According to Ahn, “To estimate how much your policy will cover for your belongings, it’s typically 50-70% of what your home’s structure is insured for.”

Aha goes on to discuss two additional areas of homeowner’s insurance that should considered when purchasing a policy. Liability coverage protects a homeowner in a cases of personal injury that takes place on your property.  The last piece of the homeowner’s insurance policy provides financial assistance when homeowners are displaced from their home and is called Additional Living Expenses.

Read the entire article for more details.

 

 

Photo Credit: Pictures of Money

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