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Why Do I Need Homeowners Insurnace? Washington DC

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.

Nationwide Ins Co
(202) 548-5240
420 8th St Se
Washington, DC
 
Mcdermott Insurance
(202) 331-7500
1000 Connecticut Avenue Northwest
Washington, DC
 
D H Lloyd And Assoc Inc
(202) 223-1506
1625 K St Nw Ste 1210
Washington, DC
 
Allstate Insurance - AgentHut
(202) 265-4922
1804 Vernon St Nw200
WASHINGTON, DC
Services
Homeowners Insurance

Precision Insurance Agency
(202) 832-0761
2312 Rhode Island Avenue Northeast
Washington, DC
 
American Skyline Insurance Company
(202) 842-8977
Adams Morgan
Washington, DC
 
Crystal Ins Agency
(202) 387-9163
2700 Ontario Rd Nw Ste 200
Washington, DC
 
Aon Risk Services Inc
(202) 862-5312
1120 20th St Nw
Washington, DC
 
Insurance Washington DC | Kevin Hassett
(202) 463-8407
1001 Connecticut Avenue NW
WASHINGTON, DC
Services
Homeowners Insurance

March Usa Inc
(202) 828-7900
1255 23rd St Nw
Washington, DC
 

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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