Here for You When You Need Home Insurance
Your home is highly important to you and your family. Here at John C. Greene Insurance, we understand that, and that's why we work so hard to connect you with the homeowner's insurance policy you need. Get in touch with us today to ask for a house insurance quote.
About Homeowner's Insurance
Home insurance protects you against personal financial loss if you suffer theft of personal property, or damage to your home due to fire, falling trees, natural disasters, and many other causes. You may wonder what kind of home insurance policy you need. Simply put, you need enough insurance to cover the home's structure, your possessions, your liability to others, and the cost of additional living expenses if you must live elsewhere while your home is repaired.
How Much Do I Need?
There's no correlation between your home's market value and the amount of insurance needed. You need enough insurance to cover the cost of rebuilding your home in the event of a total loss at current construction costs. When calculating this cost, you should not include the cost of the land or base your rebuilding costs on the price you paid for your home. The cost of rebuilding could be more or less than the price you paid or could sell it for today. Call our Deep River, Connecticut, agency today for a replacement cost valuation based on real construction costs in your area.
For a quick estimate of the amount of insurance you need, multiply the total square footage of your home by local building costs per square foot. To find out construction costs in your community, call your local real estate agent, builders' association, or insurance agent.
When Is It Required?
Some banks require you to buy homeowner's insurance to cover the amount of your mortgage. If the limit of your insurance policy is based on your mortgage, make sure it's enough to cover the cost of rebuilding. If your mortgage is paid off, don't cancel your homeowner's policy. Homeowner's insurance protects your investment in your home, which means it is always a wise choice.
Standard homeowner's policies provide coverage for disasters such as damage due to fire, lightning, and hail, as well as explosions, and theft. They do not cover floods, earthquakes, or damage caused by lack of routine maintenance. Many factors determine the cost of rebuilding your home, including:
- Local Construction Costs
- The Square Footage of the Structure
- The Type of Exterior Wall Construction — Frame, Masonry (Brick or Stone), or Veneer
- The Style of the House (Ranch, Colonial)
- The Number of Bathrooms and Other Rooms
- The Type of Roof and Materials Used
- Other Structures on the Premises, Such as Garages and Sheds
- Fireplaces, Exterior Trim, and Other Special Features Like Arched Windows
- Whether the House, or Parts of it, Such As the Kitchen, Were Custom Built
- Improvements to Your Home, Such as Additional Rooms or Room Enlargements