Standard Bank Blog

Summer disappeared in a flash and autumn has arrived in an early display of glorious color.  The brilliant shades of red and gold are a visual reminder of the many things that we need to tend to before the harsh reality of winter sets in.

A chill in the air reminds us that we need to change the furnace filter and consider calling the HVAC specialist to make certain that the heating system is working properly before we actually need it.  There’s almost nothing more surprising than your feet hitting that ice cold floor on a Sunday morning in the discovery that the furnace quit working when it was still 70 degrees inside the house – second only to the shock you receive when you find out the cost of that Sunday emergency service call.  If you have a fireplace, this would also be the time to contact your friendly Chimney Sweep for that very important annual inspection.

The Home Insurance Policy serves as protection from natural disasters, weather, unexpected damages, and civil disobedience.  Should one of these events occur to you and your home, a home insurance policy will help you eliminate any significant financial burden and assist in placing you and your family back on your feet.

The three most important parts of a home insurance policy are:

• Dwelling Coverage – This covers the actual structure.
• Personal Property – This provides protection for your personal items that are not permanently attached to the home.
• Personal Liability – Provides protection against lawsuits arising from occurrences that result in a non-resident being injured on the property.

A home insurance policy can be tailored to meet your needs based on your specific situation including the addition of water backup, identity theft, home based businesses, etc.  Combining your home and auto policies with the same company can result in significant discounts for both products.

Buying a home is probably the biggest purchase you will make and one of the biggest assets you will have to protect.

The Home Insurance Policy serves as protection from natural disasters, weather, unexpected damages, and civil disobedience.  Should one of these events occur to you and your home, a home insurance policy will help you eliminate any significant financial burden and assist in placing you and your family back on your feet.

The three most important parts of a home insurance policy are:

Dwelling Coverage – This covers the actual structure.

Personal Property – This provides protection for your personal items that are not permanently attached to the home.

Personal Liability – Provides protection against lawsuits arising from occurrences that result in a non-resident being injured on the property.

A home insurance policy can be tailored to meet your needs based on your specific situation including the addition of water backup, identity theft, home based businesses, etc.  Combining your home and auto policies with the same company can result in significant discounts for both products.

Most lenders will require you to have a home insurance policy equal to the principal of the mortgage or loan amount.  However, it is important to insure your home for Replacement Cost instead of Market Value.  Replacement cost is the cost of rebuilding the exact same home in the exact same location based on the current building costs for your community.  In today’s home market, the purchase price has been deflated but the cost to rebuild the structure if a claim occurs is significantly higher.

It is always best to discuss your options with a qualified insurance representative who will assist you in the process, from providing quotes when first searching for your home to supplying the documentation that you will need at closing and then reviewing your coverages on an annual basis to make certain that you are properly protected as your needs change.