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Thursday, April 24, 2014

Why homeowners’ insurance is important

Home is not only where you drive to after a long stressful day. It is where most of your hard-earned money is invested in. For many, a home is the largest investment that one will ever make in their lifetime. It is because of this that, along with a home purchase, investing in a homeowners’ insurance is essential.

When shopping for homeowners’ insurance it is important to know exactly what your needs are. How much would it cost to replace your home? How much would it cost to replace your appliances and furniture? Do you have expensive jewelry and paintings? Are there other permanent structures on your property?

After assessing your needs, the next step is to shop around for a policy that would give you the protection you need. Read your policy and understand what will and will not be covered in the event of a loss. If you do not understand any part of your policy, continue to ask questions until you do.

Most homeowners’ insurance policies cover damage to the structure and contents of your home resulting from a disaster your policy covers. A standard homeowners’ policy would also cover liability to third parties. It is crucial to know what type of perils or causes of loss are covered. In the CNMI, most homeowners’ policies cover damage resulting from typhoon, earthquake, tidal wave or high water, fire, vandalism, strike, riot, and extended coverage.

Insurance agencies would conduct an onsite inspection of your home before presenting a proposal. The onsite inspection will help both you and the insurance company. The insurance company inspects to evaluate risk exposures and to determine replacement cost of the home and contents to be covered. The benefit that you will get out of the inspection is a proposal that would be based on the best estimated value of your properties.

For more information on homeowners’ insurance, call Pacifica Insurance Underwriters, Inc. at 234-6267/7722/7310 or visit their office located at Joeten Center in Susupe. You may also visit www.pacificains.com or send an inquiry via email to piui@pacificains.com. Pacifica Insurance Underwriters, Inc. is a general agent for Century Insurance and Tokio Marine Pacific Insurance Limited. (Pacifica Insurance)

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