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Homeowner’s Insurance and Your New Huntsville AL Home

By: Huntsville Real Estate Expert Mike Manosky On November 8, 2011

You know you need homeowner’s insurance but what kind and how much?  To help you figure this out, here are answers to some of the most frequently asked questions about homeowner’s insurance.

How much homeowner’s insurance do you need? 

Lenders require you to carry enough coverage to protect their investment, which means the amount of your loan.  But the amount of your loan most likely isn’t enough to rebuild your home, if it was damaged.  To be able to replace your home and its contents in case of a disaster, you probably want a policy that insures the replacement value of your Huntsville AL home.  

It’s a good idea to sit down periodically with your insurance agent to review your homeowner’s policy.  You want to determine if your coverage matches current construction costs and the replacement value of your Huntsville AL home’s content.

What about coverage for earthquakes and floods?

Many homeowners assume coverage for all natural disasters is included in their insurance policy.  Not true.  In fact, the most important thing for you to know about flood and earthquake insurance is that it is not included in a basic homeowner’s insurance policy.  Both require separate policies in order to get reimbursed for damage.

Let’s face it; most of the United States has the possibility of being affected by an earthquake.  Unless you specifically purchase earthquake coverage, damage to your Huntsville AL home caused by a quake is not covered.  The same is true with flooding.  You don’t have to live next to a large body of water to sustain water damage from flooding.  A small creek next to your home can cause just as much damage during a flash flood.

Do you need to shop around for insurance?

Fortunately, the Insurance Services Office (ISO) sets the standards for homeowner’s policies so coverage doesn’t change much from company to company, however, rates can vary greatly.  That means it is worth your time and effort to shop around for the best prices before you buy your homeowner’s policy.

If you’d like a referral to a professional homeowner’s insurance agent, give me a call today.

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Having lived in the Huntsville AL area for most of his life, Mike Manosky understands exactly what makes this community special.  In fact, those who know him well will tell you he carries the same traditional values and focus on the future as Huntsville. 

Mike brings with him a keen eye for the details of buying or selling a Huntsville AL home and seemingly boundless determination and energy, which is why his clients benefit from his unique brand of real estate service. Rooted in Tradition, Focused on the Future – Mike Manosky will help make the most of your Huntsville AL real estate experience. Give him a call today, 256-508-0211 Direct or 800-803-0053 Toll Free, and discover the difference he can make during your family’s move.

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