Your close of escrow date is in sight for your new San Ramon home! You have already picked the furniture out for every room in your Bay Area home when-BOOM! You are asked for your homeowner insurance policy. Homeowners insurance? Why do I need home owners insurance on my San Ramon home? Home insurance is required for any home that uses a lender to finance. It is not something required by law but the lender wants to ensure there is protection on their investment. Now this sounds a little one sided at first, but having homeowners insurance for your Bay Area home is actually a huge benefit to you.
Personal Possessions Covered
Remember all that brand new furniture that you have picked out for your new San Ramon home? Well under a homeowners insurance policy your furniture, electronics, and clothes are covered if they are stolen or destroyed. The coverage is usually based on a percentage and is something that you want to go over with your Bay Area home insurance agent. If you have any special high value items you want discuss with your San Ramon home insurance agent how you can cover those and the best policy out there for you.
Dwelling coverage is what protects your San Ramon home if it were to be destroyed. All the other coverage percentages are calculated based off your Bay Area home dwelling coverage. You want to ensure that your local San Ramon homeowner’s insurance agent gives you enough coverage to cover the entire rebuild of your home. If you live in a flooding zone or earthquake zone you will need to get additional policies as regular homeowners insurance does not cover and flooding damage. You can discuss with your Bay Area home insurance agent about how to get the additional coverage.
Loss of Use
If something were to happen to your San Ramon home and you needed to stay at a local Bay Area hotel until the repairs had been made, your insurance would cover those costs up to a certain percentage. The amount varies by insurance agency and policy but discuss with your Bay Area insurance agent about what policy gets you enough coverage in case of loss of use.
Coverage of Additional Structures
Just because the insurance says home in it doesn’t mean that it is just limited to the coverage of your San Ramon home. If you have a detached garage or shed those could be covered on your policy as well. If your Bay Area home has any additional structures discuss with your insurance agent what would be covered and what would not be covered under the policy. You want to lock in a policy that is going to give you the best coverage for the best price.
There are some policies that will cover you in the event of personal liability. If something were to happen to someone in your Bay Area home there is a portion of the medical bills that could be covered by your San Ramon homeowner’s policy. This does not apply to all policies across the board so if this is a concern to you then make sure to take it up with your insurance agent to get the coverage you need.