When you experience an event that damages your home or personal possessions, it’s important to know that you have sufficient coverage. Without it, you are responsible for covering the damages on your own, including any accidents that may occur on your property. It may be difficult for you to estimate the value of your home and belongings. It can be even harder to estimate your potential liability. This is why you need to have a seasoned insurance professional by your side to guide you through the process.

Here’s a look at the factors that can help you decide on your home insurance coverage.

Protecting Your Home

In order to ensure your home sufficiently, you need to understand the difference between its fair market value and its replacement cost. Insuring your home for its fair market value may get you the money you need to make any necessary repairs. However, it may not be enough to cover the cost of replacing your home if it is a total loss. If you want to receive enough money to rebuild your home in accordance with today’s standards and the increased cost of materials, you will need to insure it for its replacement value. Remember that factors like local construction costs, square footage of your building, materials used, etc., can impact your home replacement cost.

Safeguarding Your Personal Possessions

Creating an inventory of all your possessions is the best way to ensure that you are sufficiently covered. If you own antiques, collectibles, expensive jewelry, or works of art, you will need to insure them for their appraised value instead of their general retail value. If you are unsure how much to insure certain items, contact an appraiser and then inventory them. Give your inventory list to your insurance agent so they can include these items in your insurance coverage.

Having General Liability Coverage

When it comes to your general liability coverage, you will need to talk to your insurance agent. They can help you determine how much liability you need to fully protect your financial stability. If a person is injured on your property, their medical expenses alone could cost you more than you can afford. Your insurance agent can discuss these options with you when choosing an amount you feel comfortable with.

For Peace of Mind

To ensure your peace of mind, you need to have sufficient homeowners’ coverage to protect you from any type of peril or unforeseen event. These could include natural disasters, vandalism, lawsuits, personal injuries, etc., making the amount of coverage you choose extremely important. Your insurance agent can review your policy to ensure you have purchased the correct insurance plan to cover you for all emergencies. You can also opt for an umbrella insurance or excess liability policy. These policies provide coverage beyond your standard home insurance liability policy limits. They activate after the liability insurance in your underlying policy has been used and typically offer wider coverage than standard policies.

The time to have your homeowners’ policy reviewed is before you need to file a claim. Schedule an appointment with one of the agents at Young Insurance Agency today. They can go over your existing policy and offer sound advice on saving money on your policy without compromising your coverage. Call and set up a meeting to get the answers you’re looking for.