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5 Things You Must Understand about Homeowners Insurance
1. Make sure you know of any exclusions on the coverage such as flood or earthquake damage. These coverages are usually bought separately so you must ask if you need to do this.
2. Look for dollar limitations on claims. There may be a limit on how much the insurer will pay for items such as stolen jewelry. If you have high amounts of certain items, make sure they can be covered or purchase extra insurance for those items.
3. Understand the replacement cost if your home is destroyed. Find out what the maximum coverage is and make sure your insurance is sufficient.
4. Understand the actual cash value of your home if you chose not to replace your home when it’s destroyed. You could receive the replacement cost less any depreciation. This is called the actual cash value.
5. Understand your liability when it comes to your homeowners insurance. It should be sufficient enough to cover any accidents that happen to people on your property including medical care, court costs, and court awards. There is usually a limit to the amount of coverage provided.
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