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Home Owners |
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You have already made probably the biggest investment in your life…Your Home! Do you have certain expensive items (like jewelry, home office equipment, etc.) that need to be insured? Are these items currently covered under your homeowner policy? You may need a rider on your homeowner policy to give you added protection to items that me be excluded or have low limits on your home owners insurance policy.
Do you have enough insurance on your home? The main determining factor is whether your policy is a Replacement Cost Value Policy or an Actual Cash Value Policy. An actual cash value is also known as the fair market value. Fair market value is basically the amount that a buyer would pay for your home. Do you owe more than that on your mortgage? Do you need replacement cost or actual cost insurance?
Are you a renter? Renter insurance is a very good deal since it is very inexpensive. Even if you have no personal property, renter's insurance is still important just for the liability protection it provides.
As a Home Owner or Renter, it is very important to keep a list of all your household items. It is even better to take a walk around your home with a VCR camera and get an actual visual list of your household items. It is hard to document your items after a loss! Written documentation is nice but Video documentation is proof. |
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