A beginner’s guide to home insurance

your home is probably one of your biggest investments and one of your biggest responsibilities so protecting it should be a priority homeowners insurance does just that not only does it cover your home and belongings from crazy unknowns but it also helps you rebuild your home and life in the event as a total loss think of your policy like a puzzle it’s a pretty easy one just four pieces your home structure your stuff inside liability protection and additional living expenses now let’s back up a bit and break that down for most policies coverage for your home needs you’ll get money to repair or rebuild your home if it’s damaged or destroyed by natural disasters or by the animalism what’s not covered appliances that we’re out like your boiler or air conditioner potential hazards like asbestos and mold and damages from floods and earthquakes nuclear accident mudslides and more basically read your policy for flood insurance expect to pay an extra seven hundred or so for earthquakes an average of three hundred dollars a year unless you live in California and have to shell out thousands now what about your stuff your policy can help you replace furniture clothes and other personal items if they’re stolen or destroyed how much will it cover whatever your home structure is insured for let’s say three hundred thousand divide that by half and that’s roughly how much you’ll get to replace your belonging next up liability this part of your policy covers you against things like lawsuits related to injuries or property damage like falling trees or home accidents it will also pay for damage caused by your pets legs dog bites you typically start with $100,000 worth of protection need more than that you’ll have to pay more last but not least additional living expenses if you can’t live in your home because if damaged from a disaster you can be reimbursed for your hotel stays miel so how much does all this coverage cost pull out your calculators with me take your home’s value the average cost of one in the u.s. is around 300 thousand divided by 1,000 and then multiply that by three dollars and 50 cents with this equation you should expect to pay around a thousand bucks a year but remember not all homes are created equal the cost for your policy will depend on factors like the size and type of your house where you live and even personal things like if you’re a smoker they can all affect what you’d pay so there you have it and when it comes to home insurance you can say now I get it spring is a popular time to make those upgrades and updates to your home but is your insurance policy up to date Amica insurance has some advice to keep your home investment safe reach out to your insurance company when you update your home for example if you recently updated your kitchen you want to be sure you’re fully covered for the increased value of your home you’ll have peace of mind knowing you’re fully protected the cost increase to your existing policy should be minimal make sure your home insurance policy covers your plan changes and visit Amica calm for a quote from Amica insurance

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