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Insurance Basics for New Home Owners Bear DE

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.

Shawn G. Coen Agency
(302) 292-8700
20 Peddlers Row
Christiana, DE
 
Allstate Insurance Tom Wiseley
(302) 832-7700
1400 Peoples Plaza Suite #228
Newark, DE
 
State Farm Bank
(302) 832-0344
1250 Peoples Plaza
Newark, DE
 
Allstate Insurance William J Heydt
(302) 292-8420
6 Polly Drummond Hill Rd
Newark, DE
 
Godfrey Donald B Insurance
(302) 738-6540
219 East Main Street
Newark, DE
 
Affordable Insurance Network Of Delaware
(302) 834-9641
1218 Pulaski Highway
Bear, DE
 
M. D. Browne Insurance Agency Inc.
(302) 834-0300
1220 Peoples Plz
Newark, DE
 
Ungerer W C
(302) 368-8505
290 East Main St
Newark, DE
 
Aaa Mid Atlantic
(800) 492-5901
Po Box 940
Elkton, MD
 
Michael T. Alpaugh Insurance Agency
(302) 453-9871
94 East Main Street
Newark, DE
 

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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