Friday, September 13, 2013

Make Sure You Properly Value Your Residence before Getting Homeowners Insurance

Before you attempt to purchase a homeowners insurance policy for your home, it’s vital that you know how much your home is worth and the cost of replacing what you have. This will help you determine the right amount of insurance to buy and helps your insurance agent get a better feel for the policy that you need to have in place. Doing your homework before you actually meet with an agent or get an online quote makes the premium that you receive reflect more accurately the policy that you should have.

How Much Will Rebuilding Cost?

Because building materials continually rise in the marketplace, the cost of rebuilding what you now have is indeed much higher than it was at the time of construction. You’ll need to determine what this cost for rebuilding would be if your home were totally destroyed. Meeting with a local contractor will give you an excellent idea of the cost per square foot in today’s construction industry. You will have to inform your builder of the size, style, and the quality of your appointments to arrive at a reliable figure. Perhaps you can arrange for a contractor to tour your home as it stands now, review the materials used along with the types of countertops  cabinetry, and flooring, and offer you an estimate of replacement costs. You should work with a builder who constructs custom homes so that his expertise will fit the type of home that you have.

Appointments Matter in Construction

Many homes in Florida have an exceptional touch with appointments that add elegance to the styles available in this tropical locale. CNN’s Money Magazine recommends that if you want the same type of moldings, flooring, windows, cabinetry, exterior, and custom appointments to be replaced with your homeowners insurance policy, you should make sure that the builder is aware of this. He may provide you with an estimate that uses less-costly traditional materials if he doesn’t know what you want as replacement appointments. When you select your insurance agent, you should also invite him to tour your home and discuss the possibilities of replacement materials and structures with him. You should remember to include marble, granite, custom designs, and exterior products that you prefer when placing a value on your home.

Documentation is Essential

As you prepare to purchase your Florida homeowners insurance policy, you should have documentation in place that shows exactly the items that you have, how they were displayed or arranged, and the true condition of your collections. Photos as well as videos provide excellent sources of information about the condition of your home prior to your claim of damage. You can stroll through each room and narrate exactly what you are viewing for the insurance provider. Include glasswork, antiques, special collections of jewelry, art, or firearms, and the upscale items that add to your home’s d├ęcor. Store this documentation in a safety deposit box or safe so that you will have proof when the time comes of what you once had.

Doing your homework before purchasing homeowners insurance is an excellent way to get the policy that you truly need.

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