Insurance is something most people do not even want to think about until they need it the most. It is important to understand what is and is not covered in the insurance policies though. Homeowners will need to do annual insurance policy check ups to ensure they keep up with local building costs, home remodeling, and inventories of their personal belongings. The typical homeowners insurance policy covers damage resulting from fire, windstorm, hail, water damage, as well as other causes of loss, such as theft and the extra cost of living elsewhere which the structure is being repaired or rebuilt. Your policy also covers your legal liability if you, members of your family, or your pets hurt other people or their property, not just in your house, but away from it, as well. If you ever have any questions or concerns about you policy or another insurance plan, make sure to contact us. We can advise you on the plan out there and which one would be right for your home and family.
There are three ways to insure the structure of your home. The replacement cost is one area to look at. Insurance that pays the policyholder the cost of replacing the damaged property without deduction for depreciation. This can be limited to a maximum dollar amount. An extended replacement cost policy is one that will help cover costs up to a certain percentage of the limit. This can usually be twenty percent. This can help give you protection against things like a sudden increase in construction costs. You can also have a policy that covers the cost to replace your home minus depreciation costs for age and also use. You should also insure your home for the total amount it would cost to rebuild your home if it were destroyed. That is not the market value, but the cost to rebuild. If you do not have sufficient insurance, your company may only pay a portion of the cost of replacing or repairing damaged items.
If you are looking to get home insurance, rental, automobile, or health insurance, make sure to contact us. We can advise you on the options that you have, as well as recommend what type of insurance is right for you. We can also explain what is covered in each insurance policy, so you are aware of it as well.