Homeowner's insurance protects a prime asset
By: Batley CPA
Chances are, your first experience with homeowner's coverage probably coincided with your first home purchase, which you financed with a mortgage. Many lenders require such insurance, and proof of adequate coverage may be part of the closing process.
What to keep in mind when deciding on homeowner's insurance
Regardless of whether you still have a sizable home loan, you should have a homeowner's policy that will cover you and your family as well as the lender. For instance, the policy should have limits that are adequate to replace or rebuild your home after a complete destruction, not just repay the outstanding mortgage loan. Damage or theft of personal possessions also should be covered. Liability insurance should protect your other assets if a visitor or worker is injured on your property.
Proving loss of personal property
To jog your memory of your possessions, which may be vague if your house and everything in it has been destroyed, it's a good idea to take room-by-room photographs of your possessions and keep them in a remote safe deposit box. It's also advisable to make a specific listing of particularly valuable items, with information about purchase date and price.
Your homeowner's insurance company may have suggested forms that you can use to list personal property items before a loss happens. Such information may make negotiating a claim with the insurer quicker and easier.
Finding good hands
To get the coverage you want, at a reasonable price, you can shop around to compare offerings from multiple insurers. If you are satisfied with your auto insurance coverage (see theJanuary 2019 CPA Client Bulletin), look into that company's homeowner's policies. You also can question relatives, friends, or business associates to see if they've had good experiences with an insurer's homeowner's policy.
About Batley CPA
Batley CPA, LLC is a full-service CPA firm providing tax, accounting, payroll and advisory services to businesses and individuals throughout Green Bay and the Fox Cities. Batley CPA regularly provides clients with best practices and strategies to maximize cash flow, profit, reduce taxes, manage costs and risk, and bring meaning to financial and operational data. The company has offices in Appleton, Neenah and Green Bay.
Batley CPA is available to answer any questions you may have about the benefits of homeowner's insurance.
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