Updated over 5 years ago on . Most recent reply
Buying home owners insurance guidance
Hello BP!
When buying property insurance what variables should one consider to make sure they are buying the right home owners insurance with the right coverages.
I am in Philadelphia if that makes a difference.
Appreciate any feedback thanks everyone
Most Popular Reply
A few things to consider:
1. Make sure the the policy is replacement cost and a replacement cost analysis has been done to ensure the house has the appropriate amount of insurance. 2. Make sure your policy is replacement cost versus actual cash value. 3. Make sure your deductible is affordable should you have a loss. 4. Make sure your policy does not have any exclusions you are not aware of 4. Make sure there is an appropriate of coverage for accidental discharge of water from plumbing or appliances. 5. Makes sure liability is at a minimum $500k but $1 million is preferable. 6. Look at an umbrella for an additional $2-5 million of liability
- Rod Hanks
