Some basic advice on Homeowner's insurance.Apr 08 '01 Write an essay on this topic.
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The Bottom Line Some thoughts on homeowner's coverage.
Who should I go with? There are many companies out there and some vary from very poor to very good. It is important to choose a company that has a good reputation...a company that shows empathy when it does your claim processing. Find a company that works exclusively with independent agents who represent multiple companies. The reason is, that they have differentcompanies to choose from and can select one that would be more attuned to thee needs of the homeowner. Coverage...coverage...coverage It's an important word to keep in mind. If you've got a rolex watch...note it. Family heirlooms, jewelry and all the other bric-a-brac need to be accounted for. For example, most home policies don't include much coverage for the at-home business. The typical coverage is $250 to $500 of business property. But your business property could include computers, data, phones, file cabinets which will go over the $500 mark. You need to make sure that your agent knows this so you can purchase additional endorsements that will cover normal coverage limits including business liability. For the wealthier guy, you should consider an umbrella coverage. You may have a secondary home that is not always being monitored. A pet could bite someone or a child could get into some trouble, so an umbrella coverage might be important. An umbrella coverage covers your personal liability so that let's say you are in a lawsuit, it will make sure there is enough liability coverage to protect your assets from people that will go after you. Niche specific Insurance companies may have specialty in a particular niche. All homeowner products are not considered equal. Some companies offer standard policies just to say we "got em". Others have much broader packages. If you look at the premium differences between the broader and and standard, it is fairly negligible, so I would choose the broader. Losing your home...or losing that rolex watch can really hurt...both financially and emotionally choose correctly.  |
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