Home Insurance Yorktown Heights NY
How much homeowner’s insurance do I need?
The amount of insurance you need to carry to effectively keep you and your family secure after an event is dependent not only on the value and replacement cost of the structure itself, but your homeowner’s insurance policy also covers the replacement costs of your personal possessions contained within the structure (jewelry, clothes, appliances, etc.), your living expenses while you are not able to occupy your home, and your liability to others who may have experienced damages as well.
Your insurance policy should cover your costs (at current rates) to rebuild and replace your home if you it is damaged or lost. You need to insure the property not for just what you paid for it, but for its cost of replacement in today’s dollars. Similarly, if your mortgage is finally paid off, you still need an active and comprehensive homeowner’s policy to cover your replacement costs. The Insurance Information Institute (III) recommends, “For a quick estimate of the amount of insurance you need, multiply the total square footage of your home by local building costs per square foot. To find out construction costs in your community, call your local real estate agent, builders association or insurance agent.” An agent with Guerra Insurance in Yorktown Heights, NY will work with you to determine what your replacement costs for your structure should be estimated at.
The III says that “most homeowners’ insurance policies provide coverage for your personal possessions for approximately 50 percent to 70 percent of the amount of insurance you have on the structure or “dwelling” of your home. To determine if this is enough coverage, you need to conduct a home inventory. This is a detailed list of everything you own and information related to the cost to replace these items if they were stolen or destroyed by a disaster such as a fire. “If you think you need more coverage, contact your agent or insurance company representative and ask for higher limits for your personal possessions.
Your living expenses
The provision of a homeowner’s insurance policy that covers you for your living expenses during the time that you are not able to occupy your home is a crucial part of your overall insurance coverage. If you’ve been displaced from your home by a fire, flood, or other condition, you’ll have to house yourself and your family somewhere else, perhaps buy meals out, etc. Many insurance policies cover living expenses in such conditions at approximately 20 percent of the total insurance coverage of the structure. You may even be covered from the loss of income from a tenant if they are no longer able to occupy the premises, as well. Every policy holder should have a conversation with their insurance company about what your living-expenses needs are for you and your family and then plan for at least that amount of coverage.
Your homeowner’s insurance policy should protect your from claims against you for bodily injury or property damage to guests on your property. Your policy should cover you for costs to defend yourself against the claim and to pay out the claim if the court determines so.
Luis Guerra and the team at Guerra Insurance are the Yorktown Heights’ homeowner’s partner in protecting their homes, cars, and families by providing knowledgeable and comprehensive insurance services to keep their customers safe and protected.