Congratulations on being a homeowner! Let's ensure we are safeguarding your most valuable asset with the appropriate insurance coverage. Here are what we think are the most important coverages for your home insurance policy.
REPLACEMENT COST COVERAGE
Make sure your policy covers replacement cost on contents AND dwelling. Actual Cash Value, also shown as ACV coverage, pays out with depreciation deducted. Be sure your policy is replacment cost on both dwelling and contents.
DWELLING REPLACEMENT COST COVERAGE
Dwelling coverage is for your structure. Make sure you are comfortable with your limit and if you want an extra layer of coverage in the event of a total loss, inquire about adding a coverage extension. Buy enough coverage to rebuild your home. This includes: framing, insulation, permitts, labor of licensed contractors, materials like flooring, moulding, windows, doors, electricity, plumbing, roof material, etc.
DWELLING COVERAGE LIMIT VERSUS MARKET VALUE
Dwelling limit is the cost to rebuild your home. Market value is your dwelling value + land value. Dwelling replacement cost is calculated solely on the cost to rebuild. Your dwelling replacment cost limit may be higher or lower than market value, the two are unrelated. REPLACEMENT COST COVERAGE
ADDITIONAL/OPTIONAL COVERAGES
Be sure to read your policy declarations page and be familiar with all the additional coverage offered by your insurance carrier. Some of these coverages like WATER BACK UP, JEWELRY, MOLD, OFF PREMISES THEFT, SPORTS EQUIPMENT, GARDEN, may be very important to you. Review these with your agency and be sure to select the ones that pertain.
KNOW YOUR COVERAGE BEFORE A CLAIM OCCURS
MORTGAGE INSURANCE PROTECTION
Have a mortgage on your home? If you pass away, would you like your family to own your home free and clear? Buy term life insurance for the amount of your loan and for the same number of years.
FLOOD INSURANCE
Flood is seepage and rising water. Flood is not covered by home insurance. You need a seperate policy to cover flood. Read my article about flood insurance on my homepage.
Contact me here for home, flood or term life insurance quote:https://bit.ly/ContactCelesteHere
