When buying a new home insurance policy, deciding how much coverage you'll need may seem obvious. After all, you know how much you paid for the house, and how much you still owe. However, as the experts at Sun Ray Corp in New York City explain, making sure you have adequate coverage isn't quite so simple.
Setting your coverage limits depends on a variety of factors, including:
- The Value of Your Home: Most insurance policies offer coverage up to the fair market value of your home, but double-check with your insurance agent before accepting that valuation. In most areas, the real estate value won't be enough to rebuild your house completely if disaster strikes. Real estate experts recommend buying a policy that insures your home up to its replacement value, so you'll be compensated no matter what happens.
- Your Personal Property: Every home insurance policy should include a certain amount of coverage for any personal belongings that might be stolen or damaged as a result of a covered loss. While the coverage limits for private property can be generous, you may need to purchase additional insurance if you have unique or valuable artwork, electronics, or jewelry.
- Other Structures: Even if you've got enough coverage to replace your home, that doesn't necessarily mean you can rebuild the garage, garden shed, or other structures on the property. Remember your home insurance policy is intended to cover the entire property, not just the building in which you live.
With over 20 years’ experience in the industry, the agents at Sun Ray Corp have been helping New Yorkers get the coverage they need at some of the best prices on the market. As independent agents, they maintain relationships with some of the best carriers in the industry, ensuring an array of policies to select. Call their offices at (212) 732-5280 to schedule an appointment today, or visit their website to learn more about their extensive array of services.