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Why Do I Need Homeowners Insurnace? Fairbanks AK

The home insurance policies which apply to your situation are: HO-1, HO-2, HO-3, and HO-8. The most popular home insurance policy is the HO-3 policy, which will cover you for all the commonly named perils. Note that if you own a multi-family home you might consider the HO-3 coverage with a special endorsement to cover you in case of renter-caused damage to your property.

C & R Services
(907) 451-7129
1622B Washington Drive
Fairbanks, AK

Data Provided by:
Allstate Insurance Michael Corwin Hughes
(907) 357-1102
1365 E Parks Hwy
Wasilla, AK
 
Horace Mann Insurance
(907) 373-0707
1375 East Parks Highway Suite D
Wasilla, AK
 
Robert Cederholm & Assoc Inc
(907) 376-8600
280 N. Main Street Wasilla
WASILLA, AK
Services
Homeowners Insurance

C H I Of Alaska
(907) 276-7667
507 W Northern Lights Blvd
Anchorage, AK
 
C & R Services
(907) 451-7129
1622B Washington Drive
Fairbanks, AK

Data Provided by:
Pippel Insurance Agency
(907) 745-3261
Mi 3.2 Palmer-wasilla Hwy
Palmer, AK
 
Walters And Associates Insurance
(907) 283-5116
130 South Willow Street Suite 8
Kenai, AK
 
Venneberg Insurance Inc
(907) 747-8625
225 Harbor Dr
Sitka, AK
 
Willis Of Alaksa
(907) 562-2266
4220 B St
Anchorage, AK
 
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Why Do I Need Homeowners Insurnace?

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Homeowner Needs

What Home Insurance Covers

Matching your needs to the kinds of policies available can be a challenge. You need to consider the cost of the premiums as well as your ability to tolerate some risk. These are always the main factors you will need to balance out.

However, there are unique needs depending on the type of home you own or rent.

When you own the building, you should have home insurance for the building. In most cases, if you have a mortgage your lender will require this insurance as a condition of lending you the money.

If you are a homeowner, you should consider some level of coverage for the 4 standard components of home insurance:

  1. structure
  2. contents
  3. liability
  4. living expenses

The home insurance policies which apply to your situation are: HO-1, HO-2, HO-3, and HO-8. The most popular home insurance policy is the HO-3 policy, which will cover you for all the commonly named perils. Note that if you own a multi-family home you might consider the HO-3 coverage with a special endorsement to cover you in case of renter-caused damage to your property.

Let's start with the structure. You will need enough home insurance to rebuild your home. Keep in mind that your estimate should be at current construction costs - not the original cost to build. Also, you might have to consider rebuilding with less-expensive materials. This is often the case when you have owned an older home.

You can come to a quick estimate in a number of ways. You can have your home appraised. You can also get an appraisal from a real estate agent and then subtract the cost of the building lot. However, neither of these approaches will give you an actual construction cost estimate.

You can also take the square footage of your home and multiply it by the average building cost per square foot. However, average cost per square foot will not include special finishings.

Your policy will not cover you in the case of damage because you didn...

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