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Insurance Basics for New Home Owners Ames IA

First and foremost, homeowner insurance covers more than just the building or structure of your home. It should also cover your belongings inside the home. In addition, you should also carry a standard amount of liability insurance to protect you from claims made against you for injuries sustained on your property.

Severson Insurance Agency Inc
(515) 232-7203
205 Clark Avenue
Ames, IA
 
Campbell Insurance Agency Inc
(712) 328-3975
103 North Avenue Suite 9
Council Bluffs, IA
 
Ambank Insurance Svc
(712) 722-2222
20 6th St Nw
Sioux Center, IA
 
Heil Insurance Agency Inc
(641) 673-6143
801 A Avenue East
Oskaloosa, IA
 
Doubleday Insurance Agency Inc
(515) 964-0637
110 Southeast Grant Street Suite 203
Ankeny, IA
 
Allstate Insurancemarci Baldwin
(515) 232-0771
516 Lincoln Way #b
Ames, IA
 
Western Iowa Mutual Insurance Association
(712) 482-6424
142 North Main
Oakland, IA
 
Derby Insurance Agency Inc
(712) 233-2838
5529 Military Road
Sioux City, IA
 
First National Insurance Agency
(712) 568-2442
251 Reed Street
Akron, IA
 
Mel Foster Company Inc
(319) 359-5446
3218 E 35th Street Ct
Davenport, IA
 

Insurance Basics for New Home Owners

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Insurance Basics for New Home Owners

Have you just bought your first home? Congratulations! Welcome to the land of home ownership.

Part of what you have to think about, now that you own your own home, is the need for the right level of insurance. You may already have insurance, which you needed to get in order to obtain a mortgage. Even if you do, read on. You may want to adjust your coverage, once you know more about your needs and the basics of homeowner insurance.

First and foremost, homeowner insurance covers more than just the building or structure of your home. It should also cover your belongings inside the home. In addition, you should also carry a standard amount of liability insurance to protect you from claims made against you for injuries sustained on your property.

  1. Structure

    Your homeowner policy should protect your homes structure (and any other structures on the property, such as a separate garage, shed, gazebo or pool). Your policy should cover damage from common threats including fire and smoke, lightning, theft and extremes of weather. In most cases, anything that causes damage or loss to your home should be covered. Having said that, most policies have exclusions for certain causes of damage. Depending on the cause and type of damage excluded, you may either buy an endorsement to your existing policy or purchase a separate specialized policy. For instance, if you need coverage for hurricanes , you will need a specialized policy.

    Always keep in mind that you should cover the replacement cost of the home, and not just the amount left on your mortgage!
  2. Belongings

    Your personal possessions should also be covered under your homeowner policy. Unlike the structure of the building, which can't come with you unless you own a mobile home, your belongings sometimes travel. In most cases, no matter where the damage occurred to your possession, it will be covered by your insurance.

    One of the first things to consider as a new homeowner is the doing of an inventory! This can make all the difference when you find yourself needing to make a claim later. Use our handy home inventory checklist .

    Typically, the insurer will peg the value of your belongings at half the value of the home. Again, a personal inventory can help here, as it will allow you to quote the real value of your possessions.

    An inventory will also help you determine your real needs for insurance coverage. Some items will need to be covered individually, like expensive jewelry. Homeowner insurance typically specifies a limit for the amount you can claim for expensive valuables like jewelry. Your personal inventory will help you determine whether that default coverage is sufficient or whether you need an additional endorsement.
  3. Liability

    As part of most basic homeowner insurance, you will receive some liability coverage. This provides for compensation of others who are hurt on your property, regardless of the cause. You will also ...

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