Why Homeowners Insurance Comes In Handy When You Have Guest Visiting

It’s exciting when family or friends you have not seen for a while comes or a visit. You take the care to make sure the house is in tip top shape, all the bathrooms are cleaned, the beds with new linens, carpets and floors vacuumed and mopped and there is plenty of food in the fridge.

Its great to enjoy time with your loved ones. Being a tour guide, a few nights out to dinner and enjoying the visit, but what we do not want to think about is if someone gets hurt in your home or on your property? What if they accidentally cause damage your home?

Your homeowners insurance should cover these situations. Liability insurance covers injuries to visitors, their medical bills and your legal bills if they decide to sue you. Your home structure insurance also covers damages like fire.

If you live in a condo, see for how long you can have visitors, if and when they are allowed to use the facilities and how long they can park their car. Your condo insurance may cover any injuries to your guests or any accidents that may cause damage to the facilities, the open area like the lobby and your condo itself.

Contact us today with any questions about your home or condo insurance.

Photo courtesy of photostock. at FreeDigitalPhotos.net

Advertisement

How To Keep Your Homeowners Insurance Policy Up To Date To Save Money

Residential coverage protects against damage to or destruction of your residential structure. If your home is destroyed by a tornado, fire, or what disasters your policy covers, the insurance company can completely replace or cover the repairs to your home.

In this section of coverage, the most important reason to keep your homeowner’s insurance policy updated is because, in the event of disaster, the insurance company will only reimburse you for what your home is insured for, what you have on the policy.

For example, you purchased your home and homeowner’s insurance say five years ago. It is very likely the value of your home has increased since the purchase date. If you purchased the home insurance policy five years ago and have not updated the policy to the home’s current cost to rebuild, the insurance company will only reimburse you for the price you paid five years ago. So, if you purchased the home for $300,000 and the value has increased to $400,000, you’re losing $100,000 – quite a large sum.

In the end, it is essential to keep your homeowner’s insurance policy updated because you want to be sure your home is insured for 100 percent of the replacement cost. (Some policies automatically update to your home’s current value. Does yours?) While it is easy to let that dust settle over your policy from year to year, keep in mind that putting it aside could cost you much more in the end. Your homeowner’s insurance policy may make heavy reading, but it will be even more burdensome should it be out-of-date.

Call us today to get your questions answered.

863-453-3903 or visit our website budgetbirite.com fill out the form and we will have an agent contact you within 24 hours.