How much should my house for insurance?
Homeowners insurance, otherwise known as a fire or hazard insurance is insurance for your house. It protects your home from many perils such as fire or wind damage and to protect your content or goods by fire, theft or other damage. Homeowners insurance also provides you and your family with personal liability insurance. So if your son beats his bike into your neighbor's brand new car, you're protected.
But how much you should have your insuranceHome? And who decides this?
Your home will adopt a rule of three values: (1) how much you are taxed on, (2) how much you sell for them, and (3) how much will it cost to build it again . These values are never equal. A driving factor for the value of your home is its location. My good friend built a beach cottage on Lake Winnipesaukee in New Hampshire for about 300,000 U.S. dollars. The house is currently valued at over $ 1.5 million! Location, location,Location ....
Another factor for the value of your home, how much land is included in the property. Obviously, 10 acres is probably worth more than morning, but what kind of country it? 5 hectares are undevelopable wetlands? And again, you guessed it, where is it located?
If you are buying for the first time a house is to go to the bank you want to insure the house for the amount of your loan. Often, they are also not taking into account the value of the land that isstill be there, even if the house burns down completely. The insurance company wants your house for the exchange costs to insure. You do not want to underinsure to you, nor do they want you overinsure.
To determine the value of your home to many insurance companies have developed cost estimation tools. You generally need to, to know how old the building is, how many square feet it has been completed, how many stories, what type of roof (gable, Gambrel, etc), what typeConstruction (frame,) masonry, what kind of siding (vinyl, aluminum, shingles), etc. The more detailed the questions, the more accurate the estimate will be. Your kitchen is a simple kitchen, or it has tiles custom cabinets, granite and ceramic?
The insurance company will also accept a replacement cost estimate by a licensed contractor in the region. Many times in the bottom line, how much you need to get your home for insurance depends on what the bank to accept.It is very important that you speak with both your bank and your insurance agent. It would be foolish to overinsure to your house and pay for the coverage you will never get, but it would be just as bad to underinsure and save a little money and risk a large deficit in the event of a disaster.
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