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Six Thoughts on Insurance for your Newly-purchased Home
March, 2007 - Issue #29
Most people get insurance because escrow won't close without it. Don't just purchase insurance to close escrow and not thinking about it after that.

One of the biggest mistakes people make is insuring their new home for the purchase price. Homeowners' insurance insures the replacement value of the dwelling, not the market price.

Loss of jewelry, guns, furs and some other valuable items are limited when the loss is from theft. The best way to cover these items is by specifically scheduling them on your policy.

Damage from water (broken pipes, leaks) is covered, as long as it is not caused by flood.

Neither flood nor earthquake is covered by your homeowners insurance. You must purchase that coverage separately.

Damage from an ensuing fire after an earthquake is covered.

It is smart to place all of your property and liability insurance (home, cars, boats, RVs) with one agent. This will help them identify gaps and suggest more appropriate coverage.

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John Fortman is a broker for Fortman Insurance Agents & Brokers.
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