Insure Your Investment

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Insure Your Investment

Homeowners insurance is required by law for any home with a mortgage, but more than that it is an absolute necessity. Insurance is simply a financial investment plan whereby one transfers his home, auto, life, health or business risk to an insurer and in turn pays monthly or annually an agreed amount professionally referred to as a "premium" to the insurance company. A home is typically your biggest investment so it's important to have it properly insured. Unfortunately many people don't know what their policies do and don't cover. Make sure you understand what kind of coverage you have.

A problem that many homeowners face is that they are under-insured and don't have enough insurance to cover repairs to their home, or replacement of the home, if they face significant damage. An accurate appraisal of your home should be completed so that an accurate replacement cost can be determined. Your insurance company will be able to help you determine this amount.

Other than not knowing what is covered by an insurance policy many homeowners don't know what belongings are inside the home. Not having a home inventory is a big mistake when it comes to insuring your home. Know what you have and keep 2 copies of the inventory, one for a fire-proof safe in the house and another copy for a different off-premises location, such as a safe deposit box. This will come in handy should the unexpected occur.