In this class on understanding homeowners insurance, we explore essential aspects of protecting your home and belongings with the right insurance coverage. From dwelling coverage to additional protections for personal possessions and liability, we discuss key considerations for homeowners insurance.

Key Takeaways and Next Steps:

Ensure your dwelling coverage is at least 80% of the price to rebuild your home to avoid potential gaps in coverage. Having adequate dwelling coverage ensures your insurance will pay to rebuild the entire structure in case of damage or loss.
Verify that your homeowners insurance policy provides sufficient coverage to replace all your personal possessions, including furniture, electronics, and other valuables. Adjust your coverage limits as needed to protect your belongings adequately.
Work closely with an insurance agent to customize your coverages to your specific financial situation and homeowners insurance needs. An agent can help you understand your options and tailor your policy to provide the right level of protection for your home and assets.
Consider additional coverages that protect you in various scenarios, such as liability coverage for injuries sustained by visitors on your property. Supplemental coverages can offer added peace of mind and financial protection in case of unforeseen accidents or incidents.
Be aware that some "act of God" events may not be covered by your base policy. Explore options for additional coverage to protect your family and home from natural disasters or other catastrophic events not covered by standard policies.
Maintain an inventory of your possessions or create videos documenting your belongings. In the event of partial damage or destruction to your home, having an inventory can facilitate the claims process and ensure you receive adequate compensation for your losses.

There are a large number of apps to help you keep track of your inventory.

Some to consider:

We are not endorsing any of these, but they typically get good reviews.