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Are you in the process of buying a new home or refinancing your existing home loan?

If so, you are going to want to review your insurance coverages before you do anything. There have been drastic changes in the insurance industry over the past few years as a result of the economic crisis, and downturn in the housing market. The benefit to you is that the amount of insurance needed for your home has been reduced, which can significantly decrease your premiums.

Victoria Blackwood is your local Los Angeles Homeowners Insurance expert. In order to best understand the different types of homeowners policies, call Victoria for a free consultation. Below you will find some helpful information on homeowners insurance policies for Los Angeles residents.

Let Victoria review your current coverages at no cost to you, no obligation.

Your home is your most valuable asset and should be protected. Homeowners insurance (HOI in the industry) provides financial and liability protection for your private home and valued possessions.

As a homeowner, you will need insurance to cover the structure of their home, personal belongings, and the cost of relocation and living expenses should damage occur and you are required to move while repair work is underway. Homeowners insurance will also cover you for any liability claims and health care costs that are as a result of property loss or injury to other people.

Owners are encouraged to purchase enough home insurance to provide sufficient coverage in the event of a total loss of the home and its contents due to a disaster. It is also important to get sufficient coverage in case someone is injured on your premises, and decides to sue you, or if you or one of your family members cause damage to another property.

Your home should be insured for 100% of its value, so that your insurance company will pay you the exact amount to rebuild. If you elect to purchase lesser coverage, the insurance company will only pay a portion of the actual cost to rebuild or reimbursement for damaged or stolen property. It is important to determine the cost of replacing the structure and its contents, including your most valuable items, in order to arrive at a figure that represents 100% coverage. Note that in light of recent disasters, the previous recommendation of 80% coverage has been raised to 100% coverage