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Home Insurance Coverage Options

Having your home destroyed can be very traumatic, and can be made even worse if your insurance payout is not as much as you were hoping for, leaving you to cover more of the repairs on your own. To ensure that you do not find yourself in this situation, make sure to look over these coverage options with your homeowners insurance policy before it is too late.

  • Dwelling coverage – the dwelling coverage portion of your home insurance policy should be based on the amount that it would cost to completely rebuild your home, including materials and labor, not the market value of your home. Working with your real estate agent can give you a better idea of how much it would cost to rebuild your home. If you make any renovations or updates to your house, keep in mind that you will have to increase your home insurance coverage since the value of your home will most likely increase.
  • Contents coverage – along with providing protection for the structure of your home, your homeowners insurance is meant to cover all of your assets. Creating a home inventory will give you a better idea of how much all of your belongings are worth to help you decide how much contents coverage you need. A home inventory will also be very helpful for your insurance company when they are deciding how much of a payout you will receive after an accident.
  • Additional living expenses – if your home is a complete loss, you will need somewhere else to live while it is being repaired. Additional living expenses coverage will pay for a hotel, rental, and even extra food costs from dining out that you incur while not living at home.

For all of your homeowners insurance needs to ensure that you will receive the right claim payments that you deserve after a covered peril, contact The Schwab Agency in Colleyville, Texas.

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