If you are shopping for Ohio home insurance there are many things you should keep in mind. There are three things your insurance is put into place to do – protect your home, protect you, your family and your possessions, and to protect anyone who could possibly be injured while on your property.
Most people have a mortgage loan on their home so the bank makes sure that you have Ohio home insurance in place at the closing. You will have to have insurance from somewhere like this to cover at least the loan amount. Some companies offer insurance that will cover at least 80 percent of the replacement value of the home. Be careful of not under insuring your home. If your home is hit by an unexpected disaster that is not the time you are going to want to be paying out-of-pocket for things.
If you can afford it you should try to get the insurance that has the 100 percent replacement coverage. This is guaranteed replacement at the location that your home is located at right now. This policy will replace your home regardless of the cost of inflation and even if the costs go above the amount of your insurance.
The personal liability coverage is to cover the medical expenses of you, your family members and others who may have an accident on your property. It also covers your legal expenses in case someone decides to take you to court and sue you. Most liability coverage in home insurance policies is $100,000 for personal liability, $1,000 for medical expenses, and $500 to cover damages to the property of someone else.
Your personal property is also covered in you Ohio home insurance coverage. This is important because you have to have a comprehensive list of everything you would need to have replaced in the event of a disaster. Some insurance companies have a worksheet that you can download from their websites. You should decide whether you want to have the actual cash value, or ACV, if something needs to be replaced or the replacement cost of the item. The ACV will take how much the item is currently being sold for less the depreciation over the years. The ACV will pay exactly how much the item currently costs once your deductible is met. You have to have proof of what you paid for your television in order to get the replacement cost.