Owning a home is a very big investment and purchase that needs to be properly protected. One of the best ways to ensure that your home is properly protected is by purchasing and maintaining an adequate homeowners insurance policy. When you are building your homeowners insurance policy there are several factors to take into consideration.
Loan and Other Requirements
One factor that you need to take into consideration when building your policy is your insurance requirements. If you purchase your home using a mortgage you will be required to have some form of property insurance, which will provide you with coverage in the event your home is damaged or destroyed. Depending on where your home is located, you could be required to get additional flood insurance as well.
If you live in a condominium building or other designated area, the local association may have additional insurance requirements as well. It is important that you understand those requirements and have them built into your policy.
When you are building your insurance policy, you should also consider your liability insurance needs. Whenever you have a guest in your home, you are taking on some type of liability for that person. To ensure you are protected in the event of an accident, it would be ideal to have a liability insurance policy in place.
Policy Riders (aka Endorsements)
A homeowners insurance policy will also provide you with coverage for your personal property. However, the level of coverage is limited for each individual item. If you have expensive jewelry, art, or other personal items, you should consider getting a separate rider to cover loss, theft, or damage of those specific pieces.
If you would to like to discuss your options for homeowners insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.