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Insurance Basics for New Home Owners Farmington NM

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.

Allstate Insurance-Ramos Agency
(505) 327-9667
2400 E 20th St
FARMINGTON, NM
Services
Homeowners Insurance

Allstate Insurance - Anthony J Delgado
(505) 896-0790
1015 Golf Course Rd SE
RIO RANCHO, NM
Services
Homeowners Insurance

Sue Whitaker Agency
(505) 294-0002
209 Eubank Boulevard Northeast
ALBUQUERQUE, NM
Services
Homeowners Insurance

US United Group Insurance
(505) 281-3846
7 Pioneer Park
EDGEWOOD, NM
Services
Homeowners Insurance

Cooperative Insurance
(505) 266-7771
2001 San Mateo Blvd NE
ALBUQUERQUE, NM
Services
Homeowners Insurance

Carney-Vidal Insurance Agency
(505) 863-6877
1628 South 2nd Street
GALLUP, NM
Services
Homeowners Insurance

Kinney Agency Llc
(505) 262-2621
320 Osuna Rd
ALBUQUERQUE, NM
Services
Homeowners Insurance

Integrated Financial And
(505) 823-4912
7770 Jefferson St NE
ALBUQUERQUE, NM
Services
Homeowners Insurance

Allstate Insurance - Edward O. Reyna
(505) 881-9171
4004 Carlisle Boulevard Northeast Ste L
ALBUQUERQUE, NM
Services
Homeowners Insurance

Allstate Insurance - Chris P. Anderson
(505) 994-1955
2003 Southern Boulevard Southeast #110
RIO RANCHO, NM
Services
Homeowners Insurance

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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