Homeowner’s Insurance

Understanding Your Homeowner’s Policy

Your home is your most valuable asset. It does not depreciate over time; in fact, its value generally increases. That’s why buying replacement cost coverage is so important. Your coverage grows as the value of your home increases. Yet there are some major carriers who will tell you they are providing you with a replacement cost policy, when they will actually depreciate individual repair costs, such as damage to a roof that is 10 years old. The problem is, they usually don’t tell you about it until you have a claim!

Deductibles can also take a big bite out of you. They are supposed to be saving you money, but do they? The key to understanding deductibles is twofold; how big they are and what triggers them. There are some insurers that offer their policies with hurricane or windstorm deductibles. Not all carriers offer these deductibles, and they rarely save you money in the overall cost of your policy.

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When Comparing Home Insurance, Consider the Following:

  • Some companies with big TV advertising budgets will tell you their policies are based upon replacement cost; they don’t tell you that for some claims, you won’t be paid for its replacement cost.
  • Get the true story about deductibles.
  • Talk to us about simple ways to inventory the items in your home to make sure you get all the money you deserve in case there is a major loss.

These deductibles are often from 2% to 5% of the value of your home. If your home is valued at $500,000 to replace, a 2% deductible means you will pay the first $10,000 of the repair bill. A 5% deductible means you will pay the first $25,000 in repairs….OUCH!

The trigger is also important. Does the deductible kick in after a simple windstorm, or a category 2 hurricane? You don’t have to have those deductibles at all. Wouldn’t you prefer a $500 or $1,000 deductible…especially after a catastrophe?

Prepare for the Future

Storms are inevitable, perhaps you need to call us very soon! It’s also important to remember, as with all of the policies we provide, we review the renewal to make sure the policy is still offering you the best coverage at the best price.

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