Today on money matters, we've had a lot of storm damage lately. That just goes to show how important home insurance is.
Here are some things to remember when purchasing home insurance.
The most important part is coverage for the structure. It's wise to insure your home for 100% of what it would cost to rebuild it. Get a local builder to give you an estimate of what that would cost or use the free calculator at www.BuildingCost.net. And don't forget other structures such as a detached garage or storage shed.
Next is coverage of contents. The standard limit is equal to 1/2 of the value of the structure of your home. Do an inventory of your home to make sure that's adequate. Take pictures or video of your valuables and put that in a safety desposit box off site at a bank.
You'll probably have $500 of coverage for unauthorized use of your credit cards.
Next is liability protection. A standard policy covers you in three ways.
Damage to another person's property like when your son throws a baseball through the neighbor's window. It covers personal liability if someone is hurt on your property and you're sued it pays for court costs and damages up to a policy limit.
It also covers medical expenses for injuries suffered by others. most policies provide a minimum of $100,000 of protection -- but you should probably bump that to $300,000.
Finally -- reimbursement for additional living expenses. That's living expenses while your home is being repaired or rebuilt.
Go to www.insure.com for more information and to compare prices.
Don't forget if you are renting a house or apartment you need insurance too. The landlord will cover the property with insurance but not your belongings.