After purchasing a property, protecting your space and personal belongings is important. Having the right coverage in the case of emergencies can offer financial peace of mind. This article provides a brief guide for choosing homeowners insurance to protect your space.
Calculating the total cost of your home and assets helps in choosing the appropriate amount of coverage. The coverage limits should be enough to rebuild your home and replace personal items if needed.
Insurance companies use a calculator to figure out the total worth of your home. From there, most offer around 50% of that amount to cover personal belongings.
There are many types of homeowners insurance. Some offer personal property coverage and liability coverage. Others are very limited and only offer enough coverage for the structure of a property.
An HO-3 is the most common type of homeowners insurance. It offers liability insurance, dwellings coverage, funding for personal property and more.
Having additional living expenses coverage secures your well-being if you’re displaced from your home as it’s getting repaired. For example, if a fire damages your home, repairs may take a while. Additional living expenses coverage would pay for you to stay in a rental.
The right insurance company will offer policies covering all of your property. Speaking with a local lender can help you explore different coverage options.
Thank you for taking a moment to meet Dave Abdallah and his team online!
Dave began his real estate career, with Century 21, over 34 years ago following his graduation from the University of Michigan with a degree in Business Administration where he majored in Finance and Marketing.
Since 2000, Dave and his remarkable group have been recognized as the # 1 team in the Great Lakes Region EVERY YEAR, accumulating 2 Team Centurions Awards, 4 Team Double Centurions Awards and in 2022 their 13th team GRAND Centurion Award. Not to mention the Overall # 1 TOP COMPANY Award for 21 consecutive years.
