Home Owners Insurance - 7 Aspects You Ought To Take Note Of
Yes, a homeowners' insurance policy is really very important
. But while you rejoice that your home is covered, there are a few things to check again so you can be really sure you got it right. Following are a number of such...1. Do you know the best home owners insurance policy for you? There are eight different levels of home insurance coverage in the US. Your policy can either cover everything that's important to you as far as your home is concerned. It can also give you just enough to get by.
2. Because of the unique nature of certain valuables, you don't expect any standard policy (no matter how extensive) to provide coverage for them by default. If you have a rare violin you might have to take additional measures to get coverage for it. Do you need a floater or rider to get additional coverage? Make sure you know exactly what you need to do to ensure you have sufficient coverage.
3. Do you understand the exclusions section of your home insurance policy? Don't joke with this part (As if you should joke with any part of your policy). Nothing can be as painful as the disappointment that covers from learning after filing claims that something so important wasn't covered in your policy.
4. Do you know that the standard policy does not cover flooding? Some folks think that since they have coverage for water damage, they are covered from flooding -- Nothing can be further from the truth. Just ask your agent if you're getting too sure. Get a written confirmation if your agent claims you have flood coverage by default. This is just to make sure they do give you the right facts.
5. Do you have a solid plan for your deductibles? For those who opted for high deductibles, do make sure you have NOT forgotten. Ensure you have made provision for them.
6. Does your preferred have a good claims history or did you NOT bother to check? What do resources like BBB say about them? Have you made efforts to find out how they handle claims?
7. Does your homeowners' insurance policy have a guaranteed replacement cost? Have a good agent explain to you the huge difference between Replacement Cost and Guaranteed Replacement Cost -- It might make the difference sometime down the road. Know for sure what you'll get in the various scenarios.
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