Regarding homeowners insurance, all policies are created equal. And what is important to remember when it comes to the protection of what could very well be your greatest asset.
See the list below to see what you need in homeowners insurance.
1. The right limit: you have the confidence to allow you to rebuild if you have a total loss. So do not risk choosing a lower limit in an effort to save a few dollars.
One thing to remember when it comes to the right edge is the increased value of your home can have after a home improvement project. Always report any home renovation project as soon as possible to your insurer so they can adjust the limits if necessary.
2. guaranteed replacement cost When you have guaranteed replacement cost, you can rest easy knowing that you can rebuild your home after a significant loss without worrying about depreciation, the limits of the policy or the insurance of construction costs once you have repaired or replaced the damaged property. This is certainly a better option than the value of real money, which takes into account depreciation in calculating the amount of your refund
3. Enough liability coverage :. Your homeowners liability insurance protects your assets in case someone is injured on your property. It also provides coverage for certain incidents that occur away from your home (for example, if you run your bike in someone).
The lawsuits are not as rare as you might think, and they have the potential to wipe out the equity many people. That's why most people want to have at least $ 300,000 of liability coverage. You can also consider a political catastrophe of personal responsibility, which adds an additional $ 1 to $ 5 million coverage to your homeowners and your auto insurance.
4. Loss of use: If your home is a total loss or became uninhabitable after a covered loss, do you know where you want to stay and how you would pay for the additional costs? Loss of use coverage offers reimbursement of living expenses in a hotel or rent an apartment in the event of a covered loss.
5. Endorsements that allow you to customize your coverage: risk factors for each are different. That's why you want the option of adding earthquake coverage as well as coverage of inland navigation for high value items you can own. Another important coverage that many owners need cover against flooding, which is offered as a separate policy by most carriers.
Two other particulars that many owners are found beneficial coverage Identity Recovery and Sewer & Drain backup coverage.
6. reliable deductible: many owners recover from a disaster such as a hurricane get sticker shock when they learn their franchise is not an amount dollar they chose, but rather a percentage of the policy limit. These named-storm percentage deductibles are almost always higher than the dollar amount franchises and sometimes significantly.
Unlike many carriers named ERIE franchise storm is a specific amount rather than a percentage of your limit owners. In addition, you also have the option to choose different deductibles dollar amount for the different causes of the loss.
7. The support of a financially strong company: If you have a claim you want the support of a company that can afford it. One way to know if your company is financially healthy is to check the ranking of Ward and A. M. Best that are released each year. In addition to earning an A + rating from A.M. Best and ranking among the top 50 property insurers performing / losses Ward, REA also earned kudos for being among the 50 most reliable financial institutions of America.
8. A knowledgeable local insurance: There is no secret that insurance can be complicated. To simplify things and get trusted advice, it is a good idea to work with an insurance agent you trust. A Erie Insurance Agent is an insurance expert in your community, you can count on to help you get the right coverage at the right price.
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