Protecting Your Home

Everyone needs a safety net. Fortunately for homeowners, that’s what homeowner’s insurance is for. Several types of policies exist, so find one that best suits your home and needs.

Basic homeowners’ coverage usually runs around $500 – $700 annually, depending on the valuables inside the home and the value of the home itself.

Make sure you are prepared and covered for every situation with liability coverage. You never know when someone will take a misstep, fall and get hurt on your property. Most liability policies are relatively inexpensive and offer extensive coverage.

Research your home’s surroundings to determine if you need separate disaster insurance policies. If you live in an area of frequent flooding, then flood insurance is a must — same for tornados and tornado insurance.

Just be careful not to underprotect or overprotect your home. Adding too much insurance can prove costly. At the same time, not enough coverage could be catastrophic in the event of the unexpected.

Don’t forget to budget for home maintenance repairs. These include both voluntary and involuntary. Some expenses, such as a bathroom remodel, can be done when you have the means. Other aspects of your home, such as the roof, require immediate maintenance once they need it.

The inevitable, taxes, also need to be accounted for in your budget. Understand your area’s fees and how much they increase annually, as they do almost every year. Fortunately, your homeowner’s taxes can typically be deducted from your federal tax return, easing the burden on you.

When determining your home’s fiscal budget, take every aspect into account, most importantly your needs. Proper budgeting can lead to prosperity down the road.

If you are unsure of how to properly protect your home, there is a great advice waiting, just contact your local REALTOR!


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