Making Sure You Have the Right Homeowners Insurance

Your home is more than likely one of the most valuable things you own, therefore, it is important to have the peace of mind that it will be protected if any issues arise with your investment. Choosing the right kind of homeowners insurance can be challenging because if you don’t have the appropriate coverage, it could be a very costly error, and some companies are even dropping people. If you are located in San Diego, California, and want to better understand your homeowners insurance options, Windfall Insurance Services Inc. can help. Continue reading to learn more about making sure that you have the right homeowners insurance to help protect your real estate investment.

What Is Homeowners Insurance?

Homeowners insurance is intended to protect a homeowner from financial loss in the event of an accident or disaster that a home is involved in. It is not legally required, however, if you financed the purchase with a mortgage, homeowners insurance is required in order to help protect a property that a lender has invested in. A standard homeowners insurance policy will protect both the dwelling itself as well as your personal belongings. It will also offer liability coverage and cover additional living expenses if your home becomes uninhabitable. It is important to note that homeowners insurance does not cover damage from earthquakes, floods, electronics, expensive jewelry, and normal wear and tear.

How To Choose The Best Coverage For Your Situation

When you buy a homeowners insurance policy, you want to be sure that your coverage limits are sufficient for your situation. The following are some important steps to help you choose the best type of coverage:

• First, you will need to understand what exactly you will need covered by the policy by estimating the cost of replacing your home and the overall value of your assets and personal belongings.
• Evaluate the amount of coverage you will need by getting an insurer or an appraiser to help determine your home size and local construction costs so that the replacement cost can be calculated and that you are entirely insured.
• Create a list of your home inventory to assess the amount of coverage you will need. If you own a significant amount of expensive jewelry or electronics, you may want to consider a supplemental policy to help protect those assets.
• Determine the amount of liability insurance you will need, and purchase enough of this type of coverage to cover your assets.
• Calculate the amount of additional living expenses you will need. If you need to rebuild your home after making a claim, most policies will pay for alternative living arrangements during that time.

If you are located in San Diego, California, and want to make sure that your homeowners insurance policy is offering you the best coverage, contact Windfall Insurance Services Inc. for a consultation.