omeowners insurance, waterfront vacation home on Lake
otherwise known as fire Winnipesaukee in New Hampshire
insurance or hazard for around $300,000. The home is
insurance is insurance for your currently valued at over $1.5
house. It protects your house million! Location, location,
from many dangers, such as fire location....
or wind damage, as well as
protecting your contents or Another factor in determine the
belongings from fire, theft, or value of your home is how much
other damage. Homeowners land is included in the property.
insurance also provides you and Obviously 10 acres is probably
your family with personal going to worth more than acre,
liability coverage. So when your but what kind of land is it? Are
son bangs his bike into your 5 acres undevelopable wetlands?
neighbor's brand new car, you are And again, you guessed it, where
protected. is it located?
But how much should you insure When you first purchase a home,
your home for? And who determines the bank is going to want you to
that? insure the house for the amount
of your loan. Many times, they
Your home will generally have won't even take into account the
three different values: (1) how value of the land, which will
much you are taxed on, (2) how still be there even if the house
much you can sell it for, and (3) completely burns down. The
how much it will cost to rebuild insurance company wants to insure
it. These values are never the your house for the replacement
same. A driving factor in the cost. They do not want to
value of your house is its underinsure you, nor do they want
location. My good friend built a to overinsure you.
will also accept a replacement
To determine the value of your cost estimate from a licensed
house, many insurance companies contractor in the area.
have developed cost estimate
tools. They generally need to Many times the bottom line on how
know how old the building is, how much you need to insure your home
many finished square feet it for depends upon what the bank
contains, how many stories, what will accept. It is very important
type of roof (gable, gambrel, that you talk with both your bank
etc), what type of construction and your insurance agent. It
(frame, masonry), what type of would be foolish to overinsure
siding (vinyl, aluminum, your house and pay for coverage
clapboards), etc. The more you will never receive, but it
detailed the questions, the more would be just as bad to
accurate the estimate will be. Is underinsure and save a little
your kitchen a basic kitchen, or money and risk a large shortfall
does it have custom cabinets, in the event of a catastrophe.
granite countertops and a ceramic
tile floor?The insurance company
About the Author:
Douglas T. Zinkevicz has had over a decade of experience servicing the auto,home and life insurance needs of his clients. Let him help you with your insurance questions by visiting http://www.insuranceplus.blogspot.com.
Read more articles by:
Douglas T Zinkevicz
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