Three Kinds Of Coverage Every Homeowners Needs
Your home will be one of the most significant investments you will ever make, both economically and emotionally. Your family will spend countless hours there, among some of your most prized possessions. In the event of any misfortune, let us give you the peace of mind knowing that you are well protected
Replacement Cost Coverage
You can insure your home and belongings for replacement cost, which pays the actual cost of replacing your home or possessions (no deduction for depreciation) up to the limit of your policy.
Suppose, for example, a fire destroys a 10-year-old TV set in your living room. If you have a replacement cost policy for the contents of your home, the insurance company will pay to replace the TV set with a new one. If you have an actual cash value policy, it will pay only a percentage of the cost of a new TV set because the TV has been used for 10 years and is worth a lot less than its original cost. Some replacement cost policies also replace the item and deliver it to you.
Insuring expensive items with floaters/endorsements
There may be limits on how much coverage you get for expensive items such as jewelry, silverware and furs.
If the limits are too low, consider buying a special personal property floater or an endorsement. These allow you to insure these items individually or as a collection.
Additional living expenses after a disaster
This is a very important feature of a standard homeowner’s insurance policy. This pays the additional costs of temporarily living away from your home if you can’t live in it due to a fire, severe storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.
Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20% of the insurance on your house.
You should talk to your agent or company to make sure you know exactly how much coverage you have and how long the coverage will be in effect. In most cases, you can increase this coverage for an additional premium.
Call us today. We can provide you will the right combination of coverage, and price, followed up with outstanding service.
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