4 Questions to Ask When Choosing Homeowners Insurance

ERIE, Pa., Oct. 28, 2019 /PRNewswire/ -- After making a big investment like buying a home, don't cut corners with your home insurance. Whether you're a first-time homeowner or more than a few years into mortgage payments, Erie Insurance offers four questions that will help you confidently choose the best homeowners insurance coverage to protect your home.  

1. What will it cost to rebuild your home today?
   Don't make the mistake of basing your coverage limits on the price you paid for the home. Consider getting enough insurance so you can completely rebuild if you have a total loss.
   Also, ask about a guaranteed replacement or an extended replacement cost policy.
                                    
2. How much coverage is enough to replace your stuff?
   Think about the cost of replacing your big screen TV, furniture, sporting gear, holiday décor, clothes and more. It adds up. Typically, personal property coverage is between 50 and 70 percent of the insurance you have on the structure of the house. Complete a home inventory to get an idea of what you have and how much it would cost to replace it.
                                           
3. What costs will you incur if you can't live in your home?
   If you can't live in your home due to a covered loss, you may have extra living expenses such as hotel fees, restaurant meals, and laundry costs. Additional Living Expenses (ALE) coverage is a standard part of most homeowners insurance policies that can help pay temporary expenses while you're unable to live in your home. Most ALE coverage will likely have limits, including a limited period of time.
                                       
4. What level of liability protection do you want if a lawsuit for property damage or bodily injury is filed against you or a family member?
   As a property owner, you're responsible for making sure your home and property are safe. If your tree falls in the neighbor's yard or someone slips and falls on your property, liability coverage could protect your financial assets and cover the cost of repairs, medical expenses or your legal defense. The liability portion of your homeowners insurance covers you, family members or pets against lawsuits for bodily injury or property damage caused to other people. It may also include court costs incurred and damages awarded. Liability limits generally start at $100,000, but you may want to talk to your insurance agent about purchasing an umbrella policy to provide higher liability limits.

Erie Insurance homeowners policies are built with you in mind. We understand what your biggest investment means to you and provide protection that will help.  Reach out to a  local ERIE agent to help you choose a policy that fits your beams, boards and budget.  

Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 9^th largest homeowners insurer and 12^th largest automobile insurer in the United States based on direct premiums written and the 16^th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.

News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.

SOURCE Erie Insurance

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