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Why Do I Need Homeowners Insurnace? Millsboro DE

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.

James E. Carey Jr. Inc.
(302) 934-8383
113 Millsboro Vlg
Millsboro, DE
 
Allstate Insurance Beth Gismondi
(410) 213-7400
9927 Stephen Decatur Hwy Ste 12
Ocean City, MD
 
Allstate Insurance Joyce Powell
(302) 378-0873
4847 Summit Bridge
Middletown, DE
 
Allstate Insurance Provey Powell Jr
(302) 992-0100
1819 Newport Gap Pike
Wilmington, DE
 
M. D. Browne Insurance Agency Inc.
(302) 834-0300
1220 Peoples Plz
Newark, DE
 
Muncie Insurance And Financial Services Inc
(302) 856-6020
314 South Dupont Hwy
Georgetown, DE
 
Rick Broadbent Insurance Inc.
(302) 764-1566
500 Philadelphia Pike
Wilmington, DE
 
Scarborough Agency Inc
(302) 475-2480
300 Delaware Ave
Wilmington, DE
 
Muncie Insurance And Financial Services Inc
(302) 856-6020
314 South Dupont Hwy
Georgetown, DE
 
Michael T. Alpaugh Insurance Agency
(302) 453-9871
94 East Main Street
Newark, DE
 

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...

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