Buying InsuranceThere are several aspects that you need to consider when determining the value of Home Insurance coverage that you need as a home owner.

  • Home rebuilding value: Home Insurance insurers rebuilding value of your home as opposed to a market value. It means that you need to make sure that an insurance limits are sufficient to ensure your home rebuilding from scratch including potentially an initial cleanup (e..g in case of a fire)
  • Content value: A diligently done inventory will help you to determine  a value of your content. Several tools like this solution from Insurance Information Institution “Know Your Stuff” will help you to capture your inventory.
  • Additional belongings: Such belongings as e.g. your bicycles, sport equipment (e.g. ski, snowboard etc) can be aslo covered by many home insurance policies even when being stolen outside of your premises. Thus you want to know their value as well.
  • Valuable belongings: For many valuable items you will need to consider optional insurance and you surely need to ensure that you have enough coverage to insure them. These valuable items may include but not limited to China, silverware, furs, fine arts, rugs, art collections, wine collections, musical instruments, jewelries, expensive watches, precious stones etc.

If you are a renter, the major risks that you want to cover are associated with your content. Determining the correct value of your content through a proper inventory of your belongings can simplify your decision.

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  • Include into your policy all important coverage such as e.g. sewer back up

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