Tips for Homeowners - Is your home properly covered?
Most people simply can’t afford to rebuild their home
and replace everything in it if there’s a disaster. A homeowners insurance policy can protect your property, some of
your personal possessions and yourself. It’s a package policy that combines two types of coverage:
1. Coverage against your property being destroyed or damaged
by certain perils, such as fire, theft and windstorms.
2. Coverage for liability exposure – for example, someone
being injured on your property.
No matter what type of home you own, insuring your personal
property is your responsibility. Make sure you purchase enough insurance to cover rebuilding your home from the ground up
and replacing everything inside.
Here’s the top four things you should know about homeowners
insurance:
1. Get enough insurance
While it sounds simple, make sure you have enough coverage to:
• Completely rebuild your home (or ensure you have the
deposit for a new rental).
• Replace your personal belongings.
• Protect yourself in case someone is injured on your
property and sues you.
2. Consider the amount of the deductible
• Generally speaking, the higher the deductible, the lower
the premium.
3. Ask about available discounts
• A number of discounts may be available for things like
installing smoke detectors and wind-resistant shutters, and insuring your home and auto with the same agent. Your agent can
give you the details on how to save on your premiums.
4. Consider all situations
• There are certain hazards that your regular homeowners
insurance doesn’t cover. However, you can add specific coverages for an additional cost. For instance, while flood damage
is not generally covered, if you live in a flood zone, you can purchase flood insurance through our agency.
• Keep a list of your valuables and consider taking pictures.
It will help speed up the process of getting your things replaced.
• Keep your valuable jewelry and documents in a fire-safe
box.
