Family Auto Insurance
First-time house buyers like you usually cannot contain their excitement when you finally get your own home. No one can deny the sense of fulfillment that you feel because of getting a house. It is a milestone in your life since buying your own home is an expensive proposition. Most of the time, it takes you years and months to get that dream house of yours.
You have invested so much time and money in securing a reliable roof for your family. Then, why not protect that investment from unforeseen perils that could damage or destroy your house. As a homeowner, you need to consider getting home insurance to provide the best protection to your home.
Typically, home insurance offers financial protection to your home in case it gets damaged by fire, windstorm, or lightning strikes. But as a first-time homebuyer, you might ask how much home insurance coverage do you need?
Cost Of Rebuilding Your Home
Since this is home insurance, your greatest consideration will be your house. When shopping for the appropriate insurance coverage, you need to take into account the cost of rebuilding your home. If your house got damaged by a fire, for example, how much is needed to rebuild your house?
It is crucial to have the right amount of coverage. You might find yourself pulling money out-of-your pocket because your home insurance coverage was insufficient to pay for rebuilding your house. Your insurance coverage will depend on the age, size, and materials of your house.
Your home insurance coverage limit needs to be equivalent to the estimated replacement cost of your house. You can request your insurance provider to send someone to conduct a replacement cost evaluation to get a more accurate amount.
Your Personal Belongings
Your home insurance will not only cover your home structure. It can also cover personal belongings inside and outside your house since it has personal property coverage. For example, someone broke into your house and stole your electronics, home insurance through its personal property coverage can shoulder the expenses in replacing that stolen item.
Hence, you need to have an inventory of your personal belongings. It will help you determine how much personal property coverage you need. The more expensive personal belongings you have, the bigger your coverage limit should be.
Typically, your property coverage is equivalent to at least 50% of your dwelling coverage amount. But sometimes, it can go up to 70%. For example, if you have a $500,000 dwelling coverage limit, then your property coverage limit could be from $250,000 to $350,000.
It is inevitable for any first-time homebuyer to get home insurance. As a homeowner, it is your responsibility to secure your property investment. However, your home insurance coverage will depend on the house you own and your personal belongings.
At Family Auto Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (313) 285-9042 or Click Here to request a free quote.
2/12/2022 03:23:16 am
Great information thanks for sharing.
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Family Auto Insurance Agency
6442 Michigan Ave
Detroit, MI 48210
Lincoln Park Office:
3205 Dix Hwy
Lincoln Park, MI 48146
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