Homeowners Coverage Considerations

Your home is where you hang your hat, where your family sleeps, and where you keep your valuable and meaningful belongings. When it comes to protecting your investments, there are few things more important than insuring your home.

That’s because Homeowners insurance can help you:

  • Cover your property and possessions if they’re damaged or destroyed by a covered loss.
  • Protect your assets if you’re sued for your alleged negligence that caused an accidental resulting in property damage or injury to another.
  • To know you’re covered the way you want, it’s important to know how much coverage you want, and which coverage options are available to you.


Things to think about when choosing Homeowners coverage

To help you find the homeowners insurance you want, take into account the:

Value of your home

What would it take to rebuild your home at today's prices?

Keep in mind, the price you paid for your home is not necessarily what it will cost to rebuild it. For example, the cost of your home may have included the value of the land. When insuring your home though, consider what it would cost to replace or rebuild the house itself. Talk to a Farmers agent, who can work with you to estimate the reconstruction cost of your home. You can also ask a reputable contractor about local building costs.

Value of unique or expensive items

  • Do you have fine art, jewelry, or coins? How about a wedding or engagement ring?
  • Homeowners insurance covers these valuable items up to the amount listed in the policy, but this may not be enough to fully cover valuable or unique items. Talk to your Farmers agent about adding Personal Article Floaters to your policy. Floaters provide increased limits and/or additional coverage for specific valuable and unique items, so you can cover them the way you want.
  • Value of your liability coverage
  • If you were to be sued because of an accident or injury for which you were legally responsible, would your financial assets be at risk?
  • Life happens, and at some point you could be responsible, or liable, for injuries, accidents, and damages that happen on your property or anywhere else, for that matter. You can protect your assets against claims and lawsuits with liability coverage available on your homeowners policy.
  • Value of your personal property
    • It’s difficult to know exactly how many things you own, and how much your personal possessions are really worth until you do a full home inventory. That means going room to room, making a list, and taking pictures of what you have (include as much detail as possible). With a better idea of the value of your personal property, you can more accurately choose the coverage you want to replace your items in the event of a covered loss. With some limited exceptions, a Farmers Homeowners policy will usually cover your personal property anywhere in the world, for the limits stated in your policy.
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