Most people get homeowners insurance without giving much thought to the details on what is covered or if there are any special conditions that might affect coverage. People are more interested in price and not what policy is best for them. It may be highly beneficial to be aware of certain things before buying insurance.
It may seem obvious but you really need to make sure you have enough coverage to allow you to completely rebuild your home. It may take a little work to find out local construction costs but you can work with an agent to find out. You should also take into account any upgrades you have such as bathroom remodels, new kitchen appliances or even creating a backyard entertaining space. These upgrades can increase the value of your house requiring more coverage.
Another thing that may seem obvious is knowing what things are actually covered. Take some time and find out. Your regular policy only insures so much and things like smartphones, computers, and other valuables may need additional coverage. If you have high value items like an expensive engagement ring or a rare stamp collection it could make sense to look into “scheduling” the property. Scheduling is an insurance term meaning the item is on a “schedule” and insured separately—it is not covered under the general personal property limit.”
One thing that is a fairly new phenomenon is “Airbnb”. So, do you need any special coverage if you rent your home on Airbnb? There is some extra risk when you rent your home this way. Some companies, such as Allstate, offer additional coverage in case of damage from renters or guests. You’ll also want to let your agent know if you have non-standard items that could cause injury such as a pool, shed, or trampoline.
There may be many discounts and products that may apply to your situation. See an agent and ask some questions.