When it comes to homeowners insurance – assume nothing!
I recently bought a new home and began shopping for homeowners insurance. I knew that the bank would place a homeowners insurance policy on the structure of my house, but this would be very basic. It would only cover the actual structure of my house, not the rebuilding costs or any of my belongings inside my home.
Before I bought my first home, I rented an apartment. Here, I learned the hard way the importance of insurance for your home. I knew that my landlord had to have home insurance so I thought I would be fine. About three months after I had moved in, my window was broken and I had my computer, tv and sterio stolen. My landlord’s homeowners insurance policy covered the cost of the window and the repair for it, but I was left with an empty desk, an empty entertainment center and a big bill to replace my items.
When filling out the police report I learned of renters insurance. It would have only cost me $15-$30 a month and all my items would have been replaced. My renters insurance would have kicked in if there was a fire or rain damage or any other type of property damage.
Now that I have purchased my new home, I don’t assume anything when it comes to insurance. This is the biggest investment I will likely ever make so I want to make sure it is protected with a great homeowners insurance policy. I know to ask a lot of questions and make sure I know exactly what my home insurance plan covers – and doesn’t. When it comes to homeowners insurance – I won’t assume anything!