Not many people can afford to replace their home and all of their possessions should it be damaged, destroyed or your property stolen. For that very reason, homeowners insurance is vital. While it might feel like money wasted, it is money well-spent in the event of an accident. However, not every insurance policy is created the same. To make sure you have the coverage you need, here are some important things to consider and features that should be included in your policy.
Premium: This is the amount you have to pay for the insurance, often broken down into monthly payments.
Deductible: This tells you how much you have to pay before your insurer will begin to pick up the cost. If you have a $2500 deductible then you’ll be required to cover that amount before insurance kicks in.
Type of Coverage: The two most common types of homeowners insurance are replacement value and market value. Replacement value means your insurer will pay whatever it costs to replace your existing house; the market value means the insurer will pay what the house is worth on the open market.
Discounts: Some policies reward you for doing certain things, such as installing a security system or cutting back shrubs near the house, which may qualify you for a discount.
Exclusions: Your policy probably doesn’t cover earthquakes or flood damage. Find out and see if you need to buy a special policy to protect yourself against these natural disasters.
Knowing the ins and outs of your policy will save you from unexpected surprises when the time comes to utilize your policy. For coverage details and pricing, call upon the top rated home insurance companies in Florida, Fearnow Insurance, Inc. Contact us today to learn more.