The ultimate guide to homeowners insurance how to find ways to make money – everything you really need to know!

The most common types of homeowners policies cover your dwelling, its contents, personal liability, and medical payments. The type of policy you buy also contains coverage for how to find ways to make money specific perils, such as fire, theft, or windstorm. It’s important to understand that — in order for you to be reimbursed for damage to how to find ways to make money your property — a covered peril (such as fire, theft, or windstorm) must have clearly caused your loss.

• A “named peril policy” (basic or broad form) means you’re covered only if the loss is covered by a how to find ways to make money peril explicitly outlined in your policy. For example, if your home is significantly damaged or totally lost due how to find ways to make money to an earthquake but your homeowners policy doesn’t explicitly state that it covers earthquakes, you won’t be paid for either the repairs or loss of how to find ways to make money your home.

• personal property – this reimburses you for the value of your possessions, including furniture, electronics, clothing, and appliances that are lost or damaged even when they how to find ways to make money aren’t on your property (e.G., items at an off-site storage locker or with your child at college). Reimbursement can be paid in multiple ways, including full value or depreciated value. The depreciated value reflects the estimated loss of value due how to find ways to make money to wear-and-tear, aging, and other factors. Reimbursement varies from carrier to carrier, so you want to be sure to check this one!

Of course you can! If necessary or desirable, you can add coverages or endorsements to your policy. Endorsements are clauses or provisions in your policy that modify how to find ways to make money its original coverage. For example, if you live in california, you should add earthquake coverage. If you live in a coastal area, flood insurance is a good idea. If you live in an area prone to tornadoes, you should review the coverage provided in your policy; a separate wind and hail deductible usually applies.

Your dwelling coverage limit is expressed in dollar terms. You’ll want to revisit your dwelling coverage from time to how to find ways to make money time, especially if you’ve made improvements to your home that the insurance company how to find ways to make money doesn’t know about. If they don’t know about your renovations and your coverage hasn’t been adjusted, you may not receive full replacement cost for the upgrades how to find ways to make money you’ve made.

The limits an insurance company will pay for personal property how to find ways to make money and loss of use are expressed in percentages of your how to find ways to make money dwelling limit. For example, if you have a dwelling coverage limit of $200,000 and your coverage for personal property is limited to how to find ways to make money 50% of your dwelling, your coverage for personal property would be $100,000. Is this enough for your personal property — i.E., the value of your possessions? Or do you need to add additional coverage to cover how to find ways to make money all your possessions? Coverage for that expensive piece of art or amazing collection how to find ways to make money of coins is limited and usually needs to be specifically how to find ways to make money endorsed on to your policy. Check your policy and choose your limits for personal liability how to find ways to make money and medical payments according to your current circumstances.

• personal claims history – how many claims have you filed for homes you’ve owned? If it’s more than two claims, your premium may be twice as expensive as that of how to find ways to make money someone who hasn’t filed any claims. We realize accidents happen — we’ve all been there. But if you can maintain your home and avoid claims, you’ll be much better off in the long run.

• do the math about actual cash value vs. Replacement cost – again, replacement cost is the cost to rebuild your home with how to find ways to make money comparable materials. Actual cash value, or ACV, is the value of your home considering its age and how to find ways to make money wear and tear. Why does the distinction matter? In the event you lose your home, you will be paid the replacement cost of your home how to find ways to make money MINUS your home’s depreciation MINUS your deductible. If you have an old home, your depreciation may be significant, and ACV could end up paying out very little. In addition, ACV may not pay enough to fully repair or replace how to find ways to make money the damage if your property is considered poorly maintained. Learn more here.

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