In Ohio, home buyers must purchase insurance before the closing. They must have a homeowner’s insurance policy to protect the property and their investment. They must also purchase flood insurance if the property is situated in a designated flood zone. A local agency provides the buyers with information about a Homeowners Insurance Policy.
The Replacement of the Property
The policy provides coverage for the replacement of the property after a covered event. The replacement value is based on the market or true replacement value. The market value is defined by the price at which similar properties have sold in the same area. The true replacement value is based on an estimate from a contractor to rebuild the home.
Personal Belongings and Items in the Property
Personal belongings and items that were inside the property are covered according to the terms of the policy. Typically, the policies define a value for clothing, shoes, and jewelry. The policy provides a replacement value for items such as electronics. The terms provide the owner with the same model that was lost. This is also beneficial for replacing computers, TVs, and home theater equipment.
Riders for High-Value Items
A rider provides coverage for items that exceed the value available through the policy. The covered items are appraised by a licensed appraisal. The appraisal defines the coverage value assigned to the item. If the item is destroyed, lost, or stolen, the homeowner receives the appraised value for the item.
Temporary Housing Funds for Displacements
Temporary housing funds are available for displacements. A natural disaster could lead to evacuation requirements. Any damage caused by the event could prevent the owner from returning to their home immediately. In these instances, the owner could obtain temporary housing funds through their policy.
In Ohio, home buyers purchase homeowner’s insurance policies to protect their investment. The coverage is also required according to the terms of their mortgage contract. The policies replace the property if it is destroyed by a covered event. They also provide a replacement for items found inside the property. Property owners who need a Homeowners Insurance Policy visit schlatherinsurance.com for more information right now.
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