Learning About Home Insurance - Designing Spaces
You have your home and you've put a lot into it, both time and money, but are you protecting your investment. Home owner's insurance can protect you in ways that are obvious and ways that you may not have thought of. The bottom line, how do you know you have proper coverage? Home owner's insurance is a policy that provides financial protection for you and your home in the event of loss.
Designing Spaces got together with Kimberlee Furcht from Westwood Insurance to find out exactly how homeowner's insurance works and how to determine what type of coverage is right for you. In this home, there are many art objects collected from around the world. I've been fortunate to visit some of the world's most interesting and exotic destinations, and during my travel, I've acquired some wonderful artwork and accessories for this house. Home owner's insurance is really important to me. Why is it important to have home owner's insurance?
Life happens, things happen, and unfortunately accidents happen. Your home owner's insurance is designed to provide coverage for your home in the event of loss as well as providing coverage if there were to be an accident either in your home or on your property. Why is it important to have adequate coverage? In the event of a total loss, you have the financial protection you'll need to rebuild your home. You'll also have the protection you need for your possessions so that you can replace them with items of equal value.
A great way to know you have adequate coverage is to touch base with your agent. Let them know if you've made any upgrades to your home, have made any changes to your home, or if you've purchased anything of high value recently. A great time to do this is at your policy renewal. What is the difference between market value and replacement costs? Market value is the worth of a home when buying or selling. Replacement cost takes into account the amount of money it would cost to rebuild your home if it were to be destroyed or damaged. What coverages are included in the standard home owner's policy? Included in a standard home owner's policy, you have coverage for your dwelling which is really just a fancy word for the home itself.
You also have other structures coverage which provides coverage for fences, a shed, or like Scott's beautiful pool outside. There's also coverage for personal property which would be the possessions in your home. Your policy also provides coverage for the cost of additional living expenses while your home is being repaired or rebuilt. And last but not least, there's liability coverage as well as medical payments coverage under your home owner's insurance policy. So, Nancy and I are on a trip and we're in Venice. We came upon this vase. It was magnificent. We loved it, we bought it. It's got great value, and therefore insurance is vital. What are some other options available?
Some options that are available in your homeowner's policy, you can increase your coverages for your personal property to provide additional protection, you can also schedule items under your insurance policy. So, if you've got high valued items like jewelry, fine art, Scott's art collection, a coin collection, you can schedule that under your homeowner's insurance policy. One thing you also might want to look into is flood coverage. It's not included under your homeowner's policy, but a lot of people find comfort in knowing that they have that protection. What is liability coverage and is it built into a standard policy?
Liability coverage is afforded under the standard homeowner's insurance policy. Your liability coverage provides you financial protection against bodily injury and property damage sustained by others while either in your home or on your property. I know that it's important to keep a record of all of the important items I have insured in my home. Not being a master at paperwork, what I've done is taken photographs. This way in the event, God forbid, there is a loss or a damage, I've got proof of what I have. Could you explain the term claims readiness? Claims readiness simply means being ready in the event of loss. There are a couple things you can do to insure thing. One, take inventory of the items in your home periodically. Two, take pictures along with serial numbers. And third, and lastly, keep receipts for any items over $200 in a safe place.
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