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Why Do I Need Homeowners Insurnace? Fargo ND

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.

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

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

Andersonlichtsinn Insurance
(218) 236-7662
920 Holiday Drive Suite 232
Moorhead, MN
 
Weber Insurance Agency- Inc.
(701) 347-5954
606 1st Street North
CASSELTON, ND
Services
Homeowners Insurance

Fargo-Moorhead Insurance-Fmi Inc
(218) 236-8227
215 8th Street South
FARGO, ND
Services
Homeowners Insurance

Fargo-Moorhead Insurance-Fmi Inc
(218) 236-8227
215 8th Street South
FARGO, ND
Services
Homeowners Insurance

Fargomoorhead Insurancefmi Inc
(218) 236-8227
213 8th Street South
Moorhead, MN
 
Hektner Lybeck Erickson Insurance
(701) 293-0011
3345 39th Street South
FARGO, ND
Services
Homeowners Insurance

State Farm Insurance
(218) 236-8000
2912 15th St S
Moorhead, MN
Alternate Phone Number
218-236-8000
Services
Gail D Jordahl Insurance Agency Inc

Allstate Insurance - Patrick N Stocking
(701) 223-4548
1929 N Washington St
BISMARCK, ND
Services
Homeowners Insurance

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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