Homeowners Insurance

Homeowner's insurance or renter's insurance protects your home and possessions against loss from fire, vandalism, theft and some lawsuits. You should review this annually to make sure that your policy is up to date. When considering purchasing a new policy or reviewing one you already have, look for the following items:

Replacement cost This is the amount it would take to replace your house at today's value. Personal property should also be insured for replacement cost, not the amount you purchased it for.

Earthquake and Flood insurance Though most policies won't insure against natural disasters, some companies may allow you to purchase extra coverage.

Coverage for special valuables Most policies limit what they'll pay for personal items such as jewelry, computers and other valuable. You may need to purchase an extra "floater policy" for these items. You should keep a record of your valuable through appraisals of jewelry, antiques and collectibles, taking photographs or videotape of valuable items as a record of their size and condition, keep a log of serial numbers, and purchase cost and place of an item.

Liability coverage protects you in case others are harmed on your property.

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