hether you are a new 3. Will the replacement cost
home owner, or have owned be the same as the sale price of
your home for a longer my home? No. The replacement
period of time, there’s no doubt cost will cover the amount needed
you have many questions about to replace the structure and/or
home owner’s insurance. You want contents. Replacement cost is
to protect your home, your usually calculated based on the
possessions, and your family. individual policy’s formula. It’s
Below are five of the most wise to take inventory and
frequently asked questions about photographs of your home and
home owner insurance. contents.
1. As a home owner, am I 4. Will home owner insurance
required to have insurance? cover damage or theft outside of
Yes, in most cases, especially if my home?
you have a lender. It’s also wise It depends on the policy.
to look into insurance if you are Sometimes standard policies offer
in the process of constructing this kind of coverage, but if
your home, and even renting your not, ask if purchasing the
home to someone else. coverage at additional costs is
an option.
2. What types of coverage does
home owner insurance provide? 5. Are home-based businesses
Two types—casualty, which covers covered under home owner
the home and contents, and insurance? No, unless you
liability, which covers anyone qualify for an endorsement to
who is injured on your property. your current home owner insurance
With both types the amount of policy. Otherwise, look into
coverage depends on the policy. getting a business owners
insurance policy.
contents of vehicles, etc.). When
Of course, home owners will have searching for a home owner
more questions about home owner insurance policy, be sure to ask
insurance particular to their own about coverage relevant and
situations (including protection beneficial to your own situation.
against the elements, possessions
that are no longer in the home,
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