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Home Insurance Needs
For most of us, purchasing a home is the biggest investment we will make.  It is essential to protect that investment, as well as personal possessions and liability to others while they are on the property.  Home insurance is mandatory, but how much is enough?  An insurance industry survey in 2008 reported that 64 percent of homes in this country are underinsured, and do not have enough coverage to rebuild their home should they suffer a total loss.  Consider the following guidelines when reviewing your insurance needs:
 - Be sure to have enough insurance coverage to rebuild your home based on current construction costs, not on what you paid for your home.  Do not include cost of the land.
 - It is advisable to purchase coverage for personal possessions based on replacement, rather than actual cash value.  For example if a claim is filed on a 5 year old TV, actual cash value will include depreciation, and reimbursement may be less than you expect.  Replacement cost will replace the TV for the actual cost of a new one, not considering depreciation.  Premiums for replacement cost may be higher, but you will receive accurate reinmbursement for your loss.
 - Inventory, and better yet, make a ... more

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