#online homeowners insurance
One need only turn on the nightly news with its never-ending list of disaster stories associated with fire and weather to know the value of home insurance. If you own a house or condo, you are protecting what is likely to be your most valuable asset, along with all your possessions. If you rent, you still have furniture, clothes, electronics and other important belongings to protect.
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About Homeowners Insurance
Homeowners will want to protect both their physical property and possessions. If you have a mortgage, you likely already have at least the minimum coverage required by your mortgage company. The questions you should periodically ask yourself are:
- Do I have the right coverage for my current situation?
The average length of home ownership is about 7 years, although many people stay in the same home for 15, 20 or more years. The key point is that your life changes over this long period: Your house increases in value, you have more possessions to protect and/or your net worth increases — assets that could be exposed in a liability situation. This is the more difficult question to answer, as everyone’s situation is a bit different. However, it can be just as expensive to be overinsured as underinsured: read this example in our blog. Am I paying as little as possible for the above coverage?
Coverage Issues to Consider
Condominium insurance is a hybrid form of homeowners insurance. Most of the issues described above will apply. However, your condo association’s master policy will cover the overall building and common areas. What you will want to insure is everything inside the bare walls — including the cabinets, appliances, and any improvements you have made.