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What is homeowners insurance?
Homes come in variety of shapes, sizes and styles. Some are made with block, brick or wood and some are manufactured. Frequently the home is our most valuable possession, so it is very important that the home be properly insured.
Homeowners insurance covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.
Insuring a Home for its Real Estate Value Rather than Cost of Rebuilding
With the value of real estate going down, some home buyers may think that they can reduce the amount of insurance on their home. Insurance, however, is designed to cover the cost of rebuilding a home. It is not linked to the sale price of the home. Homeowners should be careful to purchase enough insurance coverage to completely rebuild their home and replace belongings.
A BETTER WAY TO SAVE MONEY: Take a higher deductible. Consider a deductible of at least $500. If you can raise the deductible to as high as $1000, you may save up to 25 percent on many home insurance policies. The average person only files a claim every eight to ten years so most homeowners will save money over time.
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