Homeowner's Insurance, What Do I Need?
Buying homeowners insurance can be overwhelming, here are a few shopping tips!
Standard homeowner's insurance includes coverage for damage from lightning, hail, fire and explosions.
- Make sure you have enough coverage to rebuild your home completely, in today's market
- Most policies have $100,000 in liability insurance, but experts recommend $300,000 so you would be covered in case of litigation
- Shop around! When requesting quotes, make sure you ask for and receive pricing for the same coverage. This will make it easier to compare different companies.
- Confirm that you are covered in the event of a wild fire
- Know that the only earthquake damage covered under standard policies is for a fire resulting from an earthquake. Consider adding this to your plan. Know that there are improvements you can make to your home which will reduce the cost of this insurance
- If you live in an area prone to flooding, be sure to purchase flood insurance
- If you are not able to find a company who will insure your home, contact the California Fair Plan. Though their coverage is not as good as others, it is certainly better than no coverage at all