Your home may be your biggest investment. Protecting that investment means obtaining insurance coverage that addresses the variety of issues that can damage or destroy your home, such as fire, wind, hail, and water damage from broken or overflowing pipes. Other natural disasters, such as floods or earthquakes, typically require separate, supplementary policies.
Additionally, Homeowner’s Insurance can provide protection in the event of theft or vandalism and lawsuits filed claiming injury or damage. Finally, expensive items and collectibles can be included by obtaining a rider or floater to expand your basic coverage.
Before presenting policy options, your Cornerstone Advisor will request complete information from you by asking questions like these:
- How much would it cost to rebuild your home at today’s prices? It is unlikely that the price you originally paid for your home reflects its replacement value today, especially if land costs were factored into the total purchase price. Knowing what it would take to rebuild your home using current material and labor costs is crucial in calculating replacement value. Plus, this calculation will also take into account any upgrades or improvements you might have made on the home.
- What is the approximate value of the items in the home? While rebuilding your home is important, replacing the furnishings is, too. This doesn’t need to be an exact accounting of everything, but you will certainly want to identify high-value items, such as appliances, furniture, technology, etc.
- Do you own any collectibles, other expensive items, or unique pieces? Contents such as these may require supplemental coverage in addition to your basic homeowner’s policy.
The final piece of the puzzle involves liability insurance, which covers damage or injury that occurs on your property or from your negligence elsewhere. Liability insurance protects you, your home, and family from substantial loss in the event you are sued.
You may not spend a lot of time in them, but it’s just as important to insure second/vacation homes. Your Cornerstone Private Client Advisor is well versed on the various options available depending to protect your home-away-from-home.