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If you own a home or are considering purchasing one then you’ve likely asked yourself how much homeowner’s insurance you need to purchase. Generally speaking, the higher the coverage you purchase the more expensive the policy so it’s not surprising to want to only purchase what you need. However, don’t sell yourself short by purchasing too little coverage because if a disaster strikes and you need to rebuild your home you’ll have to pay for any overages out of your pocket.
In short, homeowner’s insurance covers damages and total losses to your home, property, and personal belongings. While doing regular maintenance on your home and keeping up with home improvement projects is one of the best ways to prevent costly damages to your house, the other is to make sure you have adequate insurance. While every policy will vary, most homeowner’s insurance policies will cover losses to your home including theft, lightning strikes, fire, damage from an airplane or vehicle, water damage, vandalism, riots, and more.
When it comes to deciding how much coverage to purchase, you want the coverage to equal the total replacement cost of your home. This means that if your home was declared a total loss and had to be rebuilt from scratch, your insurance coverage should at least pay for the entirety of the cost of rebuilding to pre-disaster specifications. Additionally, make sure that you have as much liability coverage as you can comfortably afford to help prevent your assets from being seized if a third party is hurt or injured while at your house.
If you are in the Laurel, MD area and in need of homeowners insurance look no further than Mid Atlantic Insurance Financial. When it comes to insurance we know the different policy options like the back of our hands and are more than happy to assist in finding you and the perfect policy for your needs. Give us a call today to schedule a no-obligation consultation.