Articles Editor's Blog Reader Mail

Building Structure Insurance Policies Newark DE

You probably have a good idea of what your home is worth. If not, you can make a reasonable guess based on your local real estate listings. You can even speak to a real estate agent directly. They often offer free estimates of your home's worth and the exercise can be very interesting. It's usually a 'no obligation' estimate - but ask and be sure.

Allstate Insurance William J Heydt
(302) 292-8420
6 Polly Drummond Hill Rd
Newark, DE
 
Michael T. Alpaugh Insurance Agency
(302) 453-9871
94 East Main Street
Newark, DE
 
Wallace Charles Insurance
(302) 995-2266
1906 Newport Gap Pike
Wilmington, DE
 
Allstate Insurance Provey Powell Jr
(302) 992-0100
1819 Newport Gap Pike
Wilmington, DE
 
State Farm Bank
(302) 832-0344
1250 Peoples Plaza
Newark, DE
 
Ungerer W C
(302) 368-8505
290 East Main St
Newark, DE
 
Godfrey Donald B Insurance
(302) 738-6540
219 East Main Street
Newark, DE
 
Bill Dewberry Agency
(302) 995-9550
5700 Kirkwood Hwy
Wilmington, DE
 
Shawn G. Coen Agency
(302) 292-8700
20 Peddlers Row
Christiana, DE
 
Affordable Insurance Network Of Delaware
(302) 834-9641
1218 Pulaski Highway
Bear, DE
 

Building Structure Insurance Policies

Provided By: 

Structural Home Insurance

If you own the building you should have home insurance to insure the building. While this most often applies to the home you own and live in it also applies to buildings you own and rent.

The home insurance coverage should pay for repairing or rebuilding if your home is either damaged or destroyed by one of the named perils on the policy. Most home insurance policies will not pay for damage by earthquake or flood. Protection for earthquake or flood would require a special perils policy.

You probably have a good idea of what your home is worth. If not, you can make a reasonable guess based on your local real estate listings. You can even speak to a real estate agent directly. They often offer free estimates of your home's worth and the exercise can be very interesting. It's usually a 'no obligation' estimate - but ask and be sure.

Now, if you paid $250,000 for your home you should have $250,000 in home insurance for the structure, right? Wrong. The $250,000 you paid will include the cost of the land itself, which you shouldn't have to re-build (If you live in an earthquake prone area this may not apply to you! But you'll need special "peril" coverage).

What you want to insure is the building - and you want to insure it for repairs or re-building. Assuming that 1/5 to1/4 of the cost of a home in an urban area is the lot then you will need home insurance for the structure to the tune of $160,000 to $200,000 on a $250,000 purchase price.

Not comfortable with that amount of insurance? To be really sure get an appraiser who will appraise the house separately from the building lot.

Remember, you will have to revisit your home insurance regularly - yearly is great (on the renewal of the policy), but at least every 3 to 5 years. Costs of repairs increase, just like everything else.

Read more general information about Home Insurance Policy , Condo Insurance and Renters Insurance . Read specifics about Structural Home Insu...

Click here to read the rest of this article from Insurance Guide 101

Local Events

Philadelphia Flower Show 2018
Dates: 3/4/2018 – 3/11/2018
Location:
Pennsylvania Convention Center Philadelphia
View Details
 
About Us | Contact Us | Link to Us | Privacy Policy | Terms of Use | Insurance Resources | Sitemap