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Homes need to have adequate insurance plansPosted On Fri, January 20, 2012
While any homeowner can get an insurance plan for their home, it is important to make sure the plan is the best they can receive, according to The ConsumerMan.
The Insurance Information Institute found in a survey that close to 50 percent of American homeowners think the amount their home is worth on the market is close to the amount their insured value should be. However, this is not the case.
"When it comes to buying homeowners insurance, you have to look at the insured value - what would it cost to rebuild my home in its current location with comparable construction materials if I were to have a total loss?" said Michael Barry, vice president of media relations for the III. "And that number does not represent the market value."
It is important for consumers to examine their home insurance plan annually, the source noted. However, many Americans do not take advantage of this opportunity.
The III said that coverage should be determined by the amount of money it takes to rebuild, replace everything inside, to pay for other's damage a home caused and other living expenses, the source added.
The best way to find what plan works best could be to compare home insurance quotes.
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