If you want to insure for what is known as “replacement coverage,” you need to keep in mind several different things. The biggest thing is: “how much is it going to cost me to rebuild this home or this building if there’s a total loss?” Your insurance agent can help you determine that: what’s known as cost estimates for construction. What we take into account is square footage, features of the home, site locations, and there’s a couple other items that we take into account, but those are the largest ones. What you want to do is you want to work with your agent, give them as much information about the home as possible so they can come up with an idea of what it cost to rebuild this home if there’s a total loss, fire, tornado, whatever.
Replacement Cost VS Actual Cash Value Coverage
There are several different ways to insure items, whether it be buildings, your personal property, business property. Two of the most common ways are replacement coverage or actual cash value. I’m going to help you decide which one is right for you, and I’ll give you a little information on both.
How Do I Get Homeowner’s Insurance?
How do I get homeowners insurance? How do I go about doing that? What do I need to provide to the agent and how do they get a quote and set up coverage for me?
Call an agent. We don’t recommend trying to get insurance online or through an 800 number. With homeowner’s insurance that system has not been perfected yet. Using an agent who is going to act in your best interest is going to be your best bet.
Do I need Separate Jewelry Insurance?
Today’s video is jewelry coverage. Jewelry coverage is covered underneath your homeowner’s policy, renter’s, or condo policy, but there’s very limited coverage for jewelry under those policies.
Typically a homeowner’s policy will cover $1,000 or maybe $2,500 per item, and usually there’s a maximum of $5,000 total coverage. That’s very common under a homeowner’s, condo, or renter’s policy.
What is Personal Liability Insurance?
Personal liability – What is it and what does it do for me? Well, personal liability insurance most likely is attached to your home, condo, or renter’s policy if you carry personal liability.
It covers you on and off premises at your home. It will protect you in case a lawsuit or a claim is brought against you where you are responsible for the injuries to other people. And that is what your liability is really set up to do. It is to protect you in case you get sued, in case somebody else gets injured and brings a claim or a suit against you.
