Homeowners Insurance in Sausalito , CA
Home insurance is essential for homeowners to protect themselves and their home financially. However, the policy you initially purchased may not provide enough coverage years later. Understanding the importance of insuring your home at the correct value is essential to being a responsible homeowner.
Is Your Home Insured to Value?
Having an underinsured home means there may not be enough homeowners insurance coverage to entirely replace your belongings or repair your home after an incident, such as a fire, theft or other covered loss. Therefore, even though you have insurance, you may have to pay a significant amount out of pocket. Use the following guidelines to check your homeowners insurance policy and ensure you have the proper coverage limits:
- Dwelling coverage should have a high enough limit to completely rebuild your home from the ground up in the event of a total loss. Homeowners should consider insuring their home for its replacement cost, not its actual cash value. The replacement cost should include the price of materials and labor.
- Other structures coverage should have a high enough limit to completely rebuild any structure on that property that is not attached to the home, such as a shed or fence.
- Personal property coverage should have a high enough limit to cover the replacement of all personal belongings.
- Loss of use coverage should have a high enough limit to cover all your living to stay elsewhere temporarily while the home is being rebuilt or repaired after a covered incident.
- Personal liability coverage should have a high enough limit to cover all financial assets if the homeowner is sued for damages.
Reasons to Increase Your Home Insurance Limits
The following are some reasons your homeowners insurance limits may need to be increased:
- The cost of home repairs has increased.
- You previously chose the bare minimum coverage limits.
- You made home renovations.
- Additional structures have been added to your property.
Contact Muzio & Rovero Insurance Services today to review your homeowners insurance policy. We can ensure you have adequate coverage for your specific home, its features and your location.