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Why Do I Need Homeowners Insurnace? Hobbs NM

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.

Farmer''s Insurance JD Whittington Agency
(505) 396-3925
107 North Main Avenue
LOVINGTON, NM
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Homeowners Insurance

Allstate Insurance-Ramos Agency
(505) 327-9667
2400 E 20th St
FARMINGTON, NM
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Cress Insurance
(505) 938-2430
6101 Moon St NE Ste 1000
ALBUQUERQUE, NM
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Homeowners Insurance

Allstate Insurance - Jalene Berger
(505) 891-1780
1117 Rio Rancho Dr Se #28
RIO RANCHO, NM
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Homeowners Insurance

Allstate Insurance - Dawna Vince
(505) 526-6082
455 N Valley Dr Ste 5
LAS CRUCES, NM
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George Gandy Insurance
(505) 396-5516
614 South Main
LOVINGTON, NM
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Homeowners Insurance

Allstate Insurance - Margie Delgado
(505) 821-0276
8101 San Pedro Ne Suite C
ALBUQUERQUE, NM
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Homeowners Insurance

Franklin Insurance Agency
(505) 896-0160
2345 Southern Boulevard Southeast Suite C4
RIO RANCHO, NM
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Homeowners Insurance

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

Acordia Mountain West
(505) 388-1555
1380 Highway 180 E
SILVER CITY, NM
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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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