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Our Essential Home Insurance Guide

Just like with other types of insurance, there are a variety of options when you buy insurance for your home. When you make your choice, you need to be sure that the policy is one that meets your needs and that you can afford the premiums. Use the information here to help you navigate the process and decide.

Kinds of Coverage

Home insurance is designed to protect you against damage or losses in your home and on your property. That includes liability for people injured in your home as well as theft and damage like hail, lightening strikes or a fire. You can often choose which of these things you want covered by your insurance and the cost is proportionate to the amount of coverage you opt into. For example, adding natural disaster coverage will likely increase your premium.

Types of Policies

The policy you have determines your financial loss should you make a claim. It will also outline what the insurance company is responsible for. A replacement cost policy means the insurance company pays the entire cost of repairs for loss or damage, minus the deductible. An actual cash value policy takes into account any depreciation in your home or valuables. That means that they pay for loss or damage minus that depreciation and minus the deductible. Choose an open peril policy to protect you against all kinds of damage or loss.

Estimating Cost

You want enough home insurance to cover your losses. That's why you need to estimate the cost to cover your valuables and any kind of damage that might occur to your home. Include in your final number the cost to be displaced if you must be out of your home during repairs and liability insurance in case someone is injured on your property. Once you have a number, you can decide on an amount of coverage that meets your needs.