1st Homeowners Insurance Quotes
First time homeowners are breaking a lot of new ground. One of the critical areas that new homeowners must become familiar with is homeowner’s insurance. These policies cover much more than the dwelling you are purchasing, and 1st Homeowners Insurance Quotes can help with that. 1st Homeowners Insurance Quotes is affiliated with a number of the largest insurers in the country today. They provide free quotes based on your location and needs. In general, a homeowner's policy covers three areas: the home, your personal property, and liability coverage.
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The Home Itself
The typical policy covers the dwelling itself and pays for replacement costs in the event of any covered catastrophe such as fire, smoke and extreme weather. The coverage amount is up to the policy purchaser, and the temptation is to take minimum coverage and assume that your home won't be in danger, particularly if you are juggling a new mortgage and a scraped-together down payment. However, this is not a place to cut corners. Remember that you are insuring the entire dwelling, including the mortgage and your equity in the property. It’s the replacement value that should be the target.
Your Personal Property
The furniture, clothing, jewelry, sports equipment and other valuables in the home are covered for both damage and theft. There are limits to this coverage, usually calculated as fifty percent of the home’s worth. There are also caps for certain items, and many homeowners buy additional coverage for expensive items such as jewelry, furs, etc.
Liability
This portion of the policy covers injury and medical expenses incurred by people other than the residents while on the property. Some of this coverage may overlap auto insurance liability or other policies. The standard amount on a basic policy is $100,000 in liability. Many homeowners opt to boost this cap through higher premiums on their homeowner’s policy or through a different policy altogether.
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