Home isn’t just where your heart is. It is also where most of your net worth is! For most of us, the investment in a home purchase is one of the largest and most important we’ll make. Any wise investor would want to ensure that such a significant investment was adequately protected.
Making sure you have a policy that meets your specific needs, and at the same time fitting your budget, is a vital part of protecting the investment you’ve made in your first home. Assessing your needs is the first step in evaluating your policy and knowing how much insurance you need. How much would it cost to replace your home and your personal belongings? Do you have expensive jewelry or other particularly valuable possessions? Are there other permanent structures on your property?
The second step is making sure you know what is included in your policy, and just as importantly, what is not. Standard policies typically provide coverage in four essential areas: the structure of your home, personal possessions, your liability to others, and living expenses should you be unable to live in your home temporarily as the result of a disaster your policy covers. It is crucial that you know which disasters-or “named perils” in the language of insurance-are covered by your policy and whether you need additional coverage for any excluded peril.
An insurance professional can guide you through these steps and provide you with other tips for making sure your policy is just right for you. Please give us a call at 401-433-1111 to schedule a time to meet for a free review of your homeowners insurance needs. We can help you make a determination of how much insurance coverage you need and what, if any, additional options you should consider.
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