Do You Have the Right Homeowners Insurance?
If you are a homeowner, it’s essential to have homeowner’s insurance to protect you, your family, and the items in your house. You hope that you never need to use it, but it’s there in case something should happen.
But the truth is that there are things that you may not know about your homeowners insurance that can affect you and everything and everyone in your home. This article on the Investopedia website has some great tips on what to do with your homeowners insurance and what to expect.
This is one of the tips that the article covers.
Plan Ahead for Construction: If the homeowner plans to build an addition to the home or another structure adjacent to the home, he or she should consider the materials that will be used. Typically, wood-framed structures (because they are highly flammable) will cost more to insure. Conversely, cement- or steel-framed structures will cost less because it is less likely to succumb to fire or adverse weather conditions.
Another thing that most homeowners should, but often don’t, consider is the insurance costs associated with building a swimming pool. In fact, items such as pools and/or other potentially injurious devices (like trampolines) can drive annual homeowners’ insurance costs up by 10% or more. This may seem like a small price to pay given the joy these items bring, but it is still something that should be considered by the homeowner prior to purchase or construction.
Homeowners insurance is similar to car insurance in that it’s an necessary evil. Once again, you hope you never need it but when disaster strikes, you are happy that you are covered. Use the tips that are offered in this article and you will find you are making better decisions about your home and your family. Once you have read the article, think about your own homeowners policy and see whether or not you have to make any changes to it. You may find that you have to make some decisions to better cover yourself, your family, and your investment.