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HERE IS WHY YOU NEED HOMEOWNERS INSURANCE?
It is a requirement from the banks and mortgage companies that all homes that are financed maintain insurance to cover the home, in the event of catastrophic loss due to a fire, a natural disaster, hurricane, tornado, earthquake, or any named peril. However, this insurance is designed to repair or replace your home. Therefore, beware, when purchasing insurance for your home make sure you have replacement cost and not ACV which stands for actual cash value. In addition, see the explanation below for differences between replacement cost and ACV-actual cash value.
- Replacement cost is when the insurance company pays you to replace or repair your damaged or destroyed property at today's cost regardless of its current value. For example, it your home was build in 1965, and it cost $30,000 to build your home then it will cost $230,000 in today's market to rebuild your home. Hence forth, $30,000 will not even be enough to lay the foundation.
- ACV-actual cash value pays out on the current value and condition of your damaged or destroyed property. For instance, here is another example of ACV. If your Television cost $1,000 five years ago when you bought it brand new; ACV will only pay you $150 today because that is how much the pawn shop would sell you that same television for today.
EXAMPLES OF THINGS HOMEOWNERS INSURANCE COVERS?
- Replacing and or repairing damage to your home and other structures, for example fences, sheds, driveways, bushes and shrubs.
- Loss of use coverage pays for you to stay some place else while your home is under repair; in addition, this coverage is also available to those who have renter's insurance
- Personal property, such as furniture, clothing, sporting goods, and electronics, and much more.
- Medical payments for those who get hurt while visiting you
- Liability insurance to cover things like dog bites, slander and libel
- Stolen property while away on vacation or while students are away in school
- just to name a few
Deductibles can run as low as $250 per occurrence to as high as $2,500.00
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