Articles Editor's Blog Reader Mail

Why Do I Need Homeowners Insurnace? Kalispell MT

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.

Hanson Keith American West Insurance
(406) 257-9378
1325 Ushighway 2 West
Kalispell, MT
 
Farmers Union Insurance Agents
(406) 755-5634
490 East Montana Street
Kalispell, MT
 
Cherokee Capitol Inc
(406) 423-5428
Po Box 251
Hobson, MT
 
Farmers Insurance Group Of Companies
(406) 222-7788
1016 West Park Street
Livingston, MT
 
Intermountain Insurance Agency Of Montana
(406) 452-2509
17 5th Street North
Great Falls, MT
 
Talbot Agencies
(406) 752-8693
6 Sunset Plaza
Kalispell, MT
 
Talbot Agencies
(406) 752-8693
6 Sunset Plaza
Kalispell, MT
 
Ericksonbaldwin Insurance Associates Mim
(406) 265-1226
Po Box 2500
Havre, MT
 
Allstate Insurancecarrie Martin Cpcu Cic
(406) 442-5993
1120 Helena Ave
Helena, MT
 
Beartooth Insurance Inc
(406) 446-2300
106 S Broadway Avenue
Red Lodge, MT
 

Why Do I Need Homeowners Insurnace?

Provided By: 

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...

Click here to read the rest of this article from Insurance Guide 101

About Us | Contact Us | Link to Us | Privacy Policy | Terms of Use | Insurance Resources | Sitemap