Miss April May's Hot Tips Archive!

Hot Home Insurance Tips < Prev Tip | Next Tip > Insurance: Do you have the right stuff? Homeowners insurance premiums vary from neighborhood to neighborhood and often from house to house. Do you have enough maybe too much? Is the insurance you have exactly what you need? And remember, if you also have a home-based business, you may need entirely different coverage. Getting enough: If you've remodeled or added major improvements, your old policy may no longer be adequate. What's more, your home has probably appreciated in value in the past few years, so make sure your policy covers guaranteed replacement costs, because most home coverage is written as an HO-3 policy - one that sets a dollar-limit on replacement costs. But do separate out the cost of the land your home stands on; that's one thing you don't have to insure. Liability: According to a recent report from Consumers Union, most homeowners buy liability coverage for up to $300,000. But if your net worth is higher than that amount, it could be wise to get an "umbrella" policy that covers liability for both your home and car. CU notes that an annual premium of about $200 provides $1 million coverage. Complicated? Yes, but you're protecting your home, your biggest asset! Home Office:No matter what your homeowners policy includes, it probably doesn't protect your home-based business. Smaller businesses can sometimes be covered by special endorsements on a homeowners policy, but if you go this route, make sure these are covered: loss or damage of furniture and equipment, plus such things as computer data and valuable papers. Of course, if run a large home-based business you'll need - and want - a separate business policy and greater liability protection. No one ever things they really need insurance, until after something happens that is. Isn't that weird? No more hints for this issue. Unless of course you want some MORE HOT TIPS! Surely Yours - April May

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