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white houseEvery homeowner needs home insurance. It protects you against liability such as lawsuits, and safety from theft, fire, natural disasters and other calamities. To protect your assets properly, it is important to have enough coverage in your policy. After all, too little coverage can be just as bad as not having any insurance at all. To help you determine how much insurance you need, there are a few things to consider when shopping for a policy.

The Cost to Rebuild Your Home

If you lose your entire home or possessions due to a fire or other natural disaster, your insurance policy pays for rebuilding. The rebuilding cost is not the market value of your home, but instead the cost to completely rebuild or repair your home.

Flood and Earthquake Insurance

If you live in a flood zone or in an area prone to earthquakes, you’ll need separate insurance to cover it. Unfortunately, most homeowner’s policies don’t offer flood or earthquake insurance. One way around this is to get insurance from the National Flood Insurance Program. For those in areas with frequent earthquakes, you may need to contact your state to get insurance. All states offer insurance to residents who may find it hard to get an insurance policy to cover natural disasters.

Replacement Cost Policy

When it comes to replacing damaged personal items such as computers, appliances, televisions, and other high-ticket items, you want a policy that offers replacement costs. This means that you get money to fully replace any lost or damaged items instead of just the cost of what the item originally cost. To get this extra coverage, you may have to pay a higher premium, but it is worth it.

Artwork and Jewelry

If you own valuable artwork and/or jewelry, you have to keep in mind that these items may appreciate in value. To protect them, you need to pay a little more each year in premiums to maintain the full replacement value in your policy.

Liability Insurance

Lawsuits are a possibility if a guest hurt himself in your home. Consequently, it’s important to get liability insurance to pay the attorney’s fees and the medical bills for the injured guest. Your homeowner’s policy will also pay for any settlements you reach or any damages you are required to pay. Many policies offer at least $100,000 in liability coverage, while others go up to $300,000. This is usually enough for most homeowners, but be sure to do a thorough inventory to deduce what you need most.

As you can see, when it comes to buying a homeowner’s insurance policy, there are many factors involved in how much coverage you need. By taking a detailed inventory of all your possessions and accessing the likelihood of flood, earthquake or other natural disasters, you can create a policy that offers protection against lawsuits and all forms of loss.

For more information about Ohio home insurance, give Tom Jones Insurance a call at 740-467-2040.

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