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Put money into your homeIt’s an exciting process to buy a home. A lot of work goes into preparing for the process, including making big decisions about the size of a home you can afford. When considering that, also think about home insurance. It should be something you plan for within your budget. Home insurance is invaluable to a homeowner. Plus, most mortgage lenders also require this type of insurance to be in place to protect the asset. What should you consider when estimating the cost of home insurance for your potential new home?

A good place to start is with the value of your home. However, this is not the sales price. Rather, it is the estimated replacement cost. To determine this, talk to a builder to determine the cost to rebuild the home should it be a total loss, such as after a fire. Then choose a policy that is valued at least at that amount (plus coverage for contents.) You can ask for a replacement cost estimate of your home when your property is appraised as a part of the purchasing process. Your local builder's association can also help you with this.

A key part of the appraisal is to have the appraiser consider the unique features of your home. If it has been recently remodeled or upgraded, this will often add to the value of the home. Your appraiser can help you determine the total value of your home’s replacement cost.

You’ll also need to consider the contents of your home. Generally, home insurance comes with contents coverage for your personal belongings. However, you’ll need to be sure this value is high enough to cover the worth of replacing everything of value that you own. If you own items that are pricey, such as electronics, collections or other high-value items, be sure these are specifically added to your home insurance policy as an endorsement, providing them with specific protection.

Working with an independent insurance agent can be the best first step to take. Even if you have not decided to buy a home just yet, an agent can help you to get an idea of the cost of insurance for a home in your area.

We’re here to assist you. Call JSW Insurance at (925) 737-1560 for more information on home insurance Oakland.


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