For young families looking into buying their own homes, it is important to take into consideration home insurance. When purchasing a home or homeowners policy, it is imperative to remember that you do not need to insure the land your property is located on, only your possessions and the home itself.
If you are planning on making any home improvements to your Erath County area home, make sure to inform your insurance company of any changes you will be making. It is standard to alert a homeowners insurance company of any home improvements that exceed at least $5,000. Additionally, you will need to update your homeowners insurance policy in order to prevent being accidentally underinsured.
As a homeowner, you are now responsible for anything that occurs on the premises of your home. In many states, this also includes anyone who has been drinking in your home who then has an accident after leaving the premises. In this case, you would be liable for the accident. Your homeowners policy should protect you against these kinds of liabilities.
You may have to increase your liability coverage if you install any backyard items for your kids, including a swimming pool, trampoline or swing set. Your policy will need to be able to protect you in case anyone is hurt while using these items on your property. Additionally, you will want to consider adding a “rider” or “floater” to your homeowners policy to cover any expensive valuables you acquire, including family heirlooms, antiques, art and jewelry.
If you are looking to decrease your yearly premium costs, take into consideration increasing your homeowners deductible. While this may save you some funds, it will also increase the out-of-pocket costs you would be required to pay if any theft or damage is caused to your home.
Are you looking for a Stephenville or Erath County area home? We would love to talk to you about the many wonderful properties on the market.