One important protection afforded by homeowners insurance policies and condominium owners insurance policies is the coverage provided for your dwelling. Therefore, when shopping for home insurance and condominium owners insurance, make sure to have a good idea of how much homeowners insurance dwelling coverage you need in the event you have to rebuild your home or condominium.
Here is why you want to be as accurate as possible when shopping for homeowners insurance quotes and condominium owners insurance quotes – if you underestimate the value of your property, you are paying less premium now, but if there is a big loss, you will not have enough coverage and could end up paying a lot of money later to replace your property; whereas, if you overestimate the value of your property, you end up paying too much premium now for coverage that you’ll never need. Therefore, the more accurate you can be in estimating the value of your dwelling, the better off you will be in the long run. A non-exhaustive list of the types of things you will want to include in your list are the cost to replace: appliances, fixtures, carpet, wood floors, window treatments, crown molding, sinks, bathtubs, toilets, etc.
Go room by room and making a list of the items that would have to be replaced in the event of a fire or other total loss. The list should be as detailed as possible. For example, with respect to the kitchen, you would state the make and model of your refrigerator and a serial number if you have one. To the extent you can remember, note the year the refrigerator was purchased. Also note the material and size. If you can, keep all receipts in a folder that you keep in either a fireproof box or a separate location. If you don’t have receipts, don’t worry. But it is a good idea to keep any receipts of items you purchase in the future. In addition to being useful in determining an accurate amount of coverage, the receipts will be very useful in the event of a loss, as you will have proof of the property that was damaged in a loss. (For this same reason, it is also a good idea to take pictures of each room in your home or condo). Although making an inventory of your entire home or condo may sound like a tedious task, the list can be general with respect to the lower cost items (for example, the blinds you installed from Home Depot), but more specific with respect to the higher cost items (for example, the marble countertops you just upgraded). With respect to the kitchen, you would want to take into consideration the cost to replace appliances, sink, cabinets, flooring, etc. If you have particularly high-end or upgraded finishes, make sure to note these as well.
Once you complete the inventory of each room in the house, you will add that up to determine the amount of coverage you need for your dwelling. You will want to add this amount to the amount of coverage you need for your personal property to obtain the total number of coverage that you need. It is the combined amount of dwelling and personal property that you should use in shopping for homeowners insurance or condominium owners insurance and in comparing homeowners insurance quotes or condominium owners insurance quotes.