10335 W Oklahoma Ave, Suite 203 Milwaukee, WI 53227
Neither Wisconsin nor Colorado, where the independent insurance agents of DernCo also write policies, require you to carry homeowner's insurance. However, just about any lending company will require you to carry insurance as a requirement of your mortgage. In any case, it is a good idea for you to carry a homeowner's insurance policy whether your mortgage is paid off or not. Your home is your most valuable investment, therefore it behooves you to protect it to the fullest extent possible.
Every homeowner's insurance policy differs according to your needs and risk factors. Older homes tend to cost more to insure than newer ones, wooden ones (because of the possibility of fire damage) more than brick ones. But typically a policy will cover four things.
Your property, which is to say your house, garage, other structures, and any personal property that might be damaged due to fire or another natural disaster, theft, vandalism, and other covered event.
Personal liability, which covers you in the event of a non-auto accident that you, a member of your family, or a pet causes that results in injury or damage to another or another's property.
Medical expenses, which covers reasonable medical costs of someone who is injured at your home, no matter who is at fault.
Living expenses, which covers your costs of staying elsewhere if your home sustains substantial damage that makes it unlivable in while it is being repaired.
Some of the factors you might want to consider are the replacement value of your home in case it is destroyed, and the value of all of your assets when deciding on the amount of coverage you would like to buy.
For more information on your homeowner's insurance needs, contact DernCo, Milwaukee, WI home insurance agents.