Home insurance should fit your home and your lifestyle. Buy too much and you’ll be throwing money away each month. Buy too little and you won’t be covered in the event something happens. For that reason it’s necessary to do a thorough inventory that takes into account the following:
The Structure of Your Home
Estimate the cost of rebuilding your home by determining local construction costs, the home’s square footage, and the style and type of materials your home is built from.
Policies typically provide coverage for personal possessions that’s equal to between 50% and 70% of the value of the home. If you have valuable possessions such as artwork, jewelry, antiques, etc., you may need to secure additional endorsements to cover these items. Remember, when calculating possessions it’s important to insure them for their replacement cost, not their intrinsic value.
Liability to Others
Always make sure you are covered against lawsuits for bodily injury or property damage. This is especially important if you have features such as swimming pools, ponds, potentially dangerous pets such as dogs, or other attractive nuisances. Generally speaking, it’s a good idea to carry $300,000 to $500,000 in coverage if any of these are present on the property.
Consider the cost of relocating to a hotel or temporary home if a fire, flood, or other event makes the home uninhabitable. When calculating how much you will need, estimate your daily living expenses + the cost of area hotels or housing and any additional transportation expenses a temporary move would require.
Homeowners in Bethlehem, PA should carry enough homeowner’s insurance to protect them from potential accidents or damage. Saucon Insurance Agency can help determine the appropriate level of coverage and any endorsements that are advisable.