I just bought a home and would like to insure it against damage or destruction. How can I be sure I will be financially able to repair or rebuild in the event of a catastrophe, such as a fire?
Insurers generally recommend you insure your home for its full replacement cost, which means it is insured under a homeowners policy for 100 percent of the cost of repairing or rebuilding it at the time this becomes necessary. Most insurers require you to insure your home for at least 80 percent of its replacement cost to receive full coverage on a partial loss. It is wise, however, to insure your home for its full replacement cost; insuring it for less could prove quite expensive should you incur a major or total loss.
Related Questions
- I just bought a home and would like to insure it against damage or destruction. How can I be sure I will be financially able to repair or rebuild in the event of a catastrophe, such as a fire?
- Is there a filler/adhesive available to repair damage to upvc door frame. Superglue makes it worse?
- How Do You Categorise The Costs Of Water Damage Repair?
