Some basic advice on Homeowner's insurance.
Apr 08 '01
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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