{"id":1409,"date":"2018-07-30T11:05:15","date_gmt":"2018-07-30T11:05:15","guid":{"rendered":"https:\/\/smitherwoodinsurance.com\/?p=1409"},"modified":"2020-03-25T19:20:37","modified_gmt":"2020-03-25T23:20:37","slug":"insuring-new-home","status":"publish","type":"post","link":"https:\/\/smitherwoodinsurance.com\/resources\/insuring-new-home\/","title":{"rendered":"Insuring a New Home – Tips & Tricks"},"content":{"rendered":"
Although it is not mandatory to have homeowners insurance when you own your home. Homeowners insurance is an incredibly important investment. Your home is likely your most precious and valuable asset, it is greatly advised to purchase coverage before an emergency.<\/p>\n
TIP<\/strong>: You want to make sure your new home is completely covered in a total loss. When purchasing home insurance, it’s important to understand some key dwelling coverage factors, such as coverage limits and types of coverage as policies differ between homes.<\/p>\n TRICK<\/strong>: A Replacement Cost Estimator Tool<\/a>\u00a0coupled with the data from a “property search record” of your home can be used to calculate your home’s rebuilding cost.\u00a0Your “property search record” can be accessed on your City or County’s Real Estate Assessor’s Office website.<\/p>\n TRICK<\/strong>: If your home is financed, your lender may require for the coverage to be equal or greater than the loan value. But coverage is generally based on replacement costs of the home, as land, the popularity or convenience of your home isn’t covered.<\/p>\n TIP<\/strong>: Today’s value of replacement cost may adjust from economically factors year to year, and especially after a disaster when materials and labor are scarce. You may wish to add “Additional Replacement Cost Coverage” to help with inflated costs during a home’s total loss in these situations.<\/p>\n TIP<\/strong>: All homeowners insurance policies have deductibles. You may have either a single or split deductible. Your deductible is your out-of-pocket expense before the insurance company begins to pay for your loss.<\/p>\n