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Insurance Basics for New Home Owners Minot ND

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.

Bob Roesler Agency
(701) 271-6902
15 Broadway
FARGO, ND
Services
Homeowners Insurance

Cooperative Insurance Agency LLC
(701) 770-0083
1300 Bison Drive
WILLISTON, ND
Services
Homeowners Insurance

Hektner Lybeck Erickson Insurance
(701) 293-0011
3345 39th Street South
FARGO, ND
Services
Homeowners Insurance

Kramer Agency Inc
(701) 255-4502
322 E Main Ave
BISMARCK, ND
Services
Homeowners Insurance

Farmers Insurance Group
(701) 235-6409
1815 S University Dr
FARGO, ND
Services
Homeowners Insurance

Farm Bureau - Burleigh County Office
(701) 223-4605
1686 Capitol Way
BISMARCK, ND
Services
Homeowners Insurance

Kramer Agency
(701) 257-7284
123 East Broadway Avenue
BISMARCK, ND
Services
Homeowners Insurance

Farmers Union Insurance Agency - Agents-Daryl Halvorson & Daryl Kudrna
(701) 483-9090
620 West Villard Street
DICKINSON, ND
Services
Homeowners Insurance

Weber Insurance Agency- Inc.
(701) 347-5954
606 1st Street North
CASSELTON, ND
Services
Homeowners Insurance

McClintock Agency
(701) 776-2242
415 3rd Avenue Southwest
RUGBY, ND
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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