Owens & Company: Insurance Needs

What insurance coverage do I need?

Every homeowner should carry homeowner's insurance. Even if your home is paid for, you need insurance to protect your investment and possessions. All mortgage lenders will require homeowner's insurance for protection of their investment.

Not all insurance policies are the same. Check around for the most protection, for the least money.

There are three standard insurance packages that are available.

	HO-1 is the most basic coverage. It offers protection against fire, theft, and some kinds of liability.
	HO-2 carries basic protection and adds protection against broken water pipes, snow and ice weight causing damage, and protection against hot water heater breakage causing damage to your home.
	HO-3 will protect against almost anything except floods, earthquakes, nuclear accidents, and acts of war.

Of course check with your agent for exact coverage's under each type of policy.

Here are some tips to help you when deciding what type of policy is best for you.

	Make a list of your most valuable possessions
	List the types of coverage you want to have
	Discuss with the agent what is and is not covered under each policy

Here is a list of questions to ask agents

	With your list of possessions, what type of insurance is best for you?
	What is included in this policy
	What is EXCLUDED with this policy
	If you have an office with computers and equipment at your home, what is covered?
	If you operate a business from your home, what types of coverage do you need for this? Do you have customers coming by, business equipment, or inventory?
	Do you need extra coverage for any antiques or jewelry you may own?
	How much personal liability coverage do you have with the policy? Do you need more, if so what is the cost?
	Does the policy cover the value or the cost in case of a loss?
	What is the deductible amount?
	Will this be paid by your, or from an escrow account?
	What special coverage's may be needed if your home is an historic property?
	What does the term "personal property" mean? What is covered and what is excluded?
	Does the agency offer discounts for purchasing home and auto insurance? This could save you money.
	Are there any home improvements that could be made to save on premiums?
	How are claims handled? It is a good idea to photograph or video tape all equipment like cameras, TVs, stereo equipment, computers, lawn and garden equipment, etc. then keep a list of serial numbers along with the pictures or video in a safe deposit box.
	To see how an insurance company is rated, follow this link.

These tips are provided by Owens & Company Real Estate as guidelines for insurance shopping. Be sure to ask your insurance agent what coverage's are included and excluded from your policy.