Protect Your Home

Home. It contains your precious possessions and memories. It’s the place you go to unwind, have fun, and play with your children. Home is where the heart is. And like your heart, it needs protection. Whether you rent or own, being properly insured is a safeguard against financial disaster in the face of a major catastrophe.

Homeowner’s
A minimum of homeowner’s insurance is required. Basic coverage insures your personal property and personal liability, and protects your lender against non-payment of the mortgage balance. You may need more though. Consider adding:

• Building code upgrades – If you own an older home, look into policies that include building code upgrades. If you have to rebuild, most policies will just cover what it costs to put things back exactly the way they are now.
• Earthquake insurance – Earthquake damage is rarely covered in a typical policy. Though pricy, if you live in an area that trembles, it may be worthwhile to pay extra for it.
• Flood insurance – Most policies do not cover losses due to flooding. If your area is prone to flooding, flood insurance is a must-have.

Renter’s
Renter’s insurance is not usually a requirement of a lease, but it is a very smart investment. Premiums are usually inexpensive and discounts are often available if you have dead bolt locks, security systems, smoke detectors and fire extinguishers in your rented home. Buy the policy with your automobile insurance and you could be eligible for a dual-policy discount.

The type and cost of the plan you purchase is based on individual needs. Consider:

• Personal property coverage – It protects your personal property against such hazards as fire, smoke or lightning, burglary or vandalism, explosion or electrical surge damage, windstorm or hail, and falling objects.
• Liability coverage – It offers financial protection against lawsuits for accidental bodily injury or damage to property while in your home.
• Replacement cost coverage – It reimburses you for the full cost of repair to replace your property at today's cost.

It can be tempting to skimp on insurance – after all, you may never need it. However, the anguish of rebuilding a home can be minimized with the right insurance. Review your coverage today. You’ll be glad you did.

Concerned about fitting insurance premiums into your budget? Call BALANCE at 888-456-2227. BALANCE is a financial education and counseling service available to you at no charge as a benefit of membership in the credit union. BALANCE counselors can help you develop a spending plan, get out of debt, review your credit report, and reach your financial goals- all at no charge to you.