Homeowners Insurance

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Estimating your home value will help you to make a determination of the amount of insurance you will want to purchase.

The primary factors that will determine the cost to rebuild your home include:
•  Local construction costs and the square footage of the structure
•  The type of exterior wall construction — frame, masonry (brick or stone) or veneer — and the type of roof
•  The style of the house (ranch, colonial)
•  The number of bathrooms and other rooms
•  Attached garages, fireplaces, exterior trim and other special features like arched windows

Here are some tips to help you estimate the value of your home:
•  Some banks require you to buy homeowners insurance to cover the amount of your mortgage. Make sure it’s also enough to cover the cost of rebuilding.
•  Increase the limit of your policy if you make improvements or additions to your house. You may upgrade features in your home. These enhancements can significantly increase the replacement cost of your home.
•  What would it cost to replace the contents or personal belongings of my home?
If the unexpected happens, losing your home contents could be distressing as well as financially devastating.

There are two distinct ways to insure your personal possessions:
•  Replacement cost coverage. This coverage pays you the dollar amount needed to replace personal property without any deduction for depreciation, but is limited to a maximum dollar amount.
•  Actual cash value. This coverage pays you an amount equal to the replacement value of damaged property minus depreciation. Unless a homeowners policy specifies that property is covered for its replacement value, the coverage is for actual cash value.

Many people make the mistake of underestimating the value of their home contents. This mistake is easily made when you consider the amount of new items we purchase each year. Under-insurance can lead to heartache and inconvenience should the unexpected happen.

Liability
Nothing is worse than the feeling you get when you are responsible for damage to someone else’s property or for someone else’s injuries.  Alleviate this financial worry.

This coverage is part of your homeowners insurance policy. It protects you and your family against property damage or bodily injury claims for which you are legally responsible. Liability insurance covers you, for example, if someone slips and falls on your property or if your dog bites someone.

Today, when multimillion-dollar lawsuits are common, your homeowners policy may provide substantial liability limits, but it may not be enough. Farmers Personal Liability Umbrella is available to supplement your present policies and provides additional coverage in increments of $1 million.

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Need more information?
Please call or email us at online@doubleeagleagency.com
New York Office: 516.609.0050  |  Connecticut Office: 203.227.9229