Homeowner’s insurance protects you from a variety of types of loss, including theft, fire, or other damage. Events such as earthquakes and floods will not be covered by a standard homeowner’s policy. It is best to know what you are up against before the time comes to make a claim.
If you are renting a home or apartment you can purchase renter’s insurance. This protects you from water damage, fire damage, and theft. It is becoming more common for landlords to require tenants to carry renter’s insurance as a condition of their lease. It makes sense to do this so your personal property will be covered.
Sometimes you don’t realize how much your furniture, clothing, electronics, and other personal items would cost if you had to replace them. I was in Hurricane Andrew in Miami in 1992, and my renter’s insurance policy made it possible for me to replace everything I lost.
You will need to check with your insurance agent to discuss the types of coverage that are available. It depends on many things, including the type of home you have, your location in regards to natural disasters, and a host of other things. Everyone’s situation is unique, so be sure to ask your questions to find out what you will need.
Replacement cost coverage is important. This means that your possessions will be replaced or repaired, without taking anything away for depreciation. This can make a huge difference if you experience a loss of any kind. If your possessions are several years old or more, being able to replace them at today’s prices is extremely valuable.