Phil's Personal Finance Tip of the
Day:
The ins and outs of homeowner's insurance
By Leonard Baron | Zillow – Fri, Sep 14, 2012 5:22 PM EDT
One of the things people rarely pay much attention to when they buy a property is whether they have adequate dwelling hazard and liability insurance, otherwise known as homeowner's insurance.
Getting a policy is easy and almost always obtained when someone closes escrow on their home or rental property. But is it the right type and amount of insurance? Most people reading this article probably would admit that they have no idea about their homeowner's coverage, but they should know, considering it protects their largest asset.
Let's run through a few basics so that you can help yourself understand your policy and ensure you have the proper coverage in place for your needs. Go head and pull out your insurance policy binder, it's about 40 pages thick, then flip to the third or fourth page that contains line items like: Building/Dwelling, Separate Structures, Personal Property, Loss of Use, Medical, and Extended Replacement. This section also includes corresponding amounts of maximum coverage, which tells you how much coverage you have in case of a loss. You need to look at each line item of coverage and discuss with your agent if you believe that amount is sufficient.
To read the entire article from Leonard Baron, MBA, CPA, who is a San Diego State University Lecturer, a Zillow Blogger, the author of several books including "Real Estate Ownership, Investment and Due Diligence 101 – A Smarter Way to Buy Real Estate", and loves kicking the tires of a good piece of dirt! See more at Professor Baron.com:
http://homes.yahoo.com/news/the-ins-and-outs-of-homeowner-insurance.html
1 Corinthians 13:11 — When I was a child I talked like a child, I thought like a child, I reasoned like a child. When I became a man, I put the ways of childhood behind me.
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