Is Your Bay Area Home Adequately Insured?
Have you ever considered what would happen if your home was damaged by flood or fire? As homeowners, we probably all have homeowners insurance. And if you have a mortgage on your home, it is almost certainly a requirement of your lender. But what exactly is covered?
Homeowners policies are not all the same, and this is just a suggestion to dig out your copy and read it over. Chances are you never read it in detail anyway. This will tell you exactly what kind of coverage you have.
And while you are doing that, you should check out exactly how much your home is insured for. That isn’t just based on what it would sell for (although that is a consideration), so much as what is allowed for any re-construction needed. Most insurance companies or agents will ask you to review such figures on a regular basis, generally with help from themselves.
Construction costs, like home values, have increased significantly in recent times. These are aspects of home ownership that shouldn’t be neglected.