House Insurance

Insuring your own house

Your most valuable material possessions are probably your home and its contents. If you are borrowing money to pay for the home, the lender will require you to insure the building for the amount that it would cost to re-construct if it were completely destroyed. We can help you determine that amount. You do not need to insure the value of the land. The amount of insurance you need also depends on contents. We can provide you with an inventory booklet to help you organize a handwritten account of your possessions. We advise that you keep receipts of major items. Remember to store inventory records and receipts in a safety deposit box or at another secure location away from the home. Today, contents coverage on most policies is “replacement cost” which means you could replace new items for old without deduction for depreciation, so your belongings should be evaluated and priced at the cost of new.