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family in front of houseFor those who are investing in a new home, one thing that is required prior to closing escrow is an Ohio home insurance policy. Insurance policies can be complex. Contracts are written by specialist attorneys and the use of industry terminology such as “loss of use” or “dwelling protection” is often extensive. It may sound good, but for most people, they have little idea what it actually means.

Before investing in a policy, it is highly recommended to ask lots of questions. Be prepared to put in some time doing your own research; it’s a long term investment after all. Any company which is worthy of your scrutiny will be strong financially and have a solid reputation with A.M Best Rating. It’s worth keeping in mind that not all carriers adhere to the same standards. They may not have been admitted to your region’s Department of Insurance.

 What to Consider

1.   When reviewing homeowners’ insurance quotes, you should consider dwelling coverage. Dwelling coverage simply refers to the structure of the residence. The coverage is not dependent on the value of the property, but on the potential cost of reconstruction. In other words, should the property be thoroughly damaged by an earthquake or a flood for example, what would be the total cost of reconstruction? This cost would be based on amount of square footage, labor, materials, permits, etc.

A further standard coverage which is important is that of separate structures like a shed or a detached garage. Typically this would amount to around 10% of your dwelling coverage.

2.   You also need to find out about coverage for loss of use. Should your home be damaged to the point that it becomes uninhabitable, there will no doubt be additional living expenses. Those should be covered by your insurance.

3.   Additionally, you need to make a decision whether to insure your contents because this does not fall under standard coverage terms. Contents or personal property includes jewelry, electronics, furnishings, and clothing among other items. Personal property will not be covered by standard home insurance unless the policy specifically states it.

4.   Finally, there is other optional coverage available such as theft, personal liability, earthquake, hurricanes, tornadoes and flood. These are self-explanatory.

To sum up, there are a number of considerations to be made with regards to homeowners insurance, including dwelling coverage, loss of use, contents or personal property, in addition to the other optional coverage on offer.

Making a decision as to which is the best choice for you is difficult, which is why it’s wise to use the services of a independent insurance agent. Give us a call today at 740-467-2040.

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