Homeowners’ insurance covers the cost to rebuild your home and replace your possession in the event of a covered loss, such as a fire or other natural disaster. This vital insurance additionally offers liability insurance in the event someone is accidently injured as a result of negligence. While homeowners’ insurance is without a doubt important and most homeowners do elect to purchase it, many struggle with how much coverage to purchase.
Our homeowners’ insurance lawyers often assist clients who wish they had purchased more homeowners’ insurance or an additional policy to cover damages otherwise excluded. Our attorneys fight to see that our clients receive the best settlement possible to repair their damaged home or replace the items they lost. We offer the following guide to selecting a homeowners’ insurance policy below.
When you are choosing a homeowners’ insurance policy, keep in mind the following:
- Cost to rebuild your home: This figure is not always easy to calculate. The cost to rebuild your home will often exceed the expense of your mortgage. While housing prices are lower than they were ten years ago, construction costs have increased. Be sure to ensure your home for an amount that will realistically cover the cost to rebuild your home. This can be figured using your zip code and your home’s square footage.
- Value of the unique features within the home: In addition to basic costs to repair a home of your home’s size, you need to take into account some of the unique features of your home. This includes any renovations, upgrades, and other additions. You can likely calculate this value online or consult with your insurance agent.
- Value of your personal property: In addition to the exterior of your home, your homeowners’ insurance policy will cover the value of your personal property. This includes your furniture, appliances, clothing, jewelry, antiques, and much more. Make an inventory of your personal property and assign each item an approximate value in order to reach a total.
- Value of your assets: You will need to assess your current assets in order to obtain coverage for your liability. This could include money in the bank as well as your share in businesses and the like. You want to be sure your liability coverage would realistically protect your assets in the event someone is injured on your property.
- Cost of living expenses: You will also need to be sure your policy provides adequate coverage for your living expenses should you need to live elsewhere while your home is being repaired. This will take into account the cost of hotels or temporary housing in your area. This will also depend upon the size of your family and their needs if they cannot live in the home for a period of time.
Contact the Homeowners’ Insurance Attorneys at Greenberg, Stone & Urbano Today For Your Free Consultation!
If you need assistance with a homeowners’ insurance related matter, contact the Miami Homeowners’ Insurance Attorneys at Greenberg, Stone & Urbano. Our skilled and dedicated attorneys will guide you towards the best possible outcome. We have over 130 collective years of experience representing homeowners against their insurers across South Florida and will put our extensive experience to work for you. Contact our firm as soon as possible to protect your legal rights. Our firm is the proud recipient of an AV rating from Martindale Hubbell and was ranked as a top firm in South Florida by the Miami Herald. Call us at (888) 499-9700 or (305) 595-2400 or you can visit our website to schedule your initial consultation.