If you have questions about home insurance, you are not alone. Especially if you are a first-time homeowner, there is a lot of protection involved and you may not be too sure exactly what kind of coverage you have. At Retcho Agency in Closter, NJ, we are independent insurance agents and we can customize your insurance policy to suit what you and your home both need.
Home insurance FAQs
How much liability coverage should you have? Liability coverage is a personal decision. The amount you have depends on the number of your assets and the amount of risk you feel you have. If you have a dog, you need to have more liability coverage because they are a liability. You also need to talk to your insurance carrier about the type of breed of dog, some are much more of a risk. At the end of the day, more is better when it comes to liability.
What endorsements should you consider adding? Some types of possessions have limits. The limit traditional home insurance has is rather small if you have jewelry. If you have a good-sized engagement ring, that is about the limit you may have. If you have other pieces of jewelry, you need to get an appraisal and use that to determine the amount of jewelry endorsement you should have or opt to get a scheduled jewelry coverage. Another endorsement is the sewer backup endorsement.
What type of content insurance should you have? You have two options. You can choose to replace all the things that you have. With this option, you need replacement cost which does not take depreciation into account. The other option is the actual value. That is what something is worth today. A 5-year-old TV will not be worth the same as a brand-new one.
Contact Retcho Agency in Closter, NJ, when you have home insurance questions and needs.