Home Insurance Buying Checklist

Previously, we discussed about the need and importance of home insurance policies.  Considering the need for the people to be aware about what all their home insurance policies should have and what they can avoid, here is a checklist for Home Insurance buying that you must know.

Ensure that the replacement costs are provided in your home insurance policy.

In case you do not have replacement costs covered in your policy, the insurance company shall deduct the depreciation cost from the item’s you claim compensation for when paying a claim.

• Ensure yours home insurance policy has some type of inflation guard. This will ensure that the value of your home is calculated as per the rising costs and trends and taking into account for rising construction and material prices.
• Do not forget to inform your insurance company in case you renovate your home or making any improvements to your home.
• Whenever you are adding any value to your home and investing in it, keep your insurance company informed.
• Make sure your home insurance policy provides for additional living expenses. This is applicable when you need to live away from your home while your home is undergoing repair and amendments. Here, expenses such as staying in hotel rooms or etc. can be covered.
• You should also make sure that you have sewage backup coverage as well. Not having a sewage backup insurance can, actually, be very frustrating for you due to the foul smell and odors.
• Checking for the sufficient liability coverage in the home insurance policy is also important.
• Last, but not the least, ensure that you are protected for the added costs in case of a new building laws and rules. The laws can change from time to time and you must ensure that you are protected for that additional expense as well.

So, this time you visit a home insurance company, make sure you do not miss out on any of the above mentioned points while you finalize a home insurance policy for your lovely home! If you have any queries, you can comment below or get in touch with us on our Facebook page. We would be happy to help!