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| What about homeowners insurance? |
You will need to carry hazard insurance for at least the amount of your mortgage. Experts suggest you call at least four companies for quotes. There can be a big difference in premium amounts AND IN COVERAGES--so make sure you compare apples to apples.
Evaluate your furnishings and possessions, because contents coverage is often calculated as a fixed percentage of the home's value. Be sure your policy covers replacement cost rather than market value or purchase price for both the structure and its contents, and be sure it provides for the same quality of finish and would replace your wood flooring or upgraded carpeting. Do you need a rider for expensive jewelry, antiques, or computers? How would the insurer cover partial damage? How would they handle an area-wide disaster? Would freezer contents be covered if there were a long-term power outage?
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