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| What is a Homeowners Policy: A homeowners policy provides you with protection against many losses to your home and its contents. If you rent you can also get coverage under a renters policy. A homeowners policy is a package policy that not only covers your home and its contents but also your liability responsibility for any injuries and property damage you or members of your family cause to other people. Know what your limit of liability coverage is and inquire about what it cost to increase this limit. The cost is actually very small to even double this important coverage. Some homeowners even carry an umbrella policy that extends this coverage up to $1,000,000. No insurance policy covers everything. Damage caused by most disasters is covered but there are things that are not covered under the policy. This includes floods, earthquakes and simply poor maintenance. You should be aware of your policy and what it covers. In some cases you may purchase flood and earthquake policies or additions to your policy . You should carry as high a deductible as possible as this not only saves you money but you need to avoid filing very small claims under your policy. It quite simply is easier to handle these yourself. If you have expensive personal items in your home ask about covering them under a schedule. This gives you all risk coverage with no deductible. This is excellent for jewelry, guns, or silverware and items like this. Remember that items not scheduled are subject to the terms of the policy and if they simply are gone may not be covered. Also know if your policy provides for replacement cost contents. This means "new for old" but only if you truly replace the item. Without this important coverage depreciation will come into play and if the item has some years on it may cause your policy not to pay much on the item. Most home items have a set number of years attached to their life span and as the years increase the value of the item decreases. Home Insurance Terms *** This provides a description of coverage, not a statement of contract. You should see your actual policy for complete details of coverage. If you rent or own a condo or mobile home you may also purchase a policy that is designed to protect you also. Visit the Insurance Institute for free information about insurance and free software downloads. Just click on the icon to visit their site. . . |
Ben Rogers
Insurance Agency, Inc.
Insurance Agency, Inc.
| 423.562.3309 |
|