Homeowners insurance protects from unexpected dangers and is always a requirement when seeking a mortgage loan. Policies come in many shapes and sizes, but there are several things the average homeowner should make sure they are getting, and are not getting, from their insurance policy. Here are five things to look for when considering a homeowner’s insurance policy.
When picking a homeowner’s policy, you’ll naturally have your own budget to consider. You can avoid paying for more than you need by understanding the different levels of insurance, and the perils they protect against. These include fire, windstorm, riots, explosion, damage from aircraft or other vehicles, lighting, and hail among others.
Understanding Categories Of Coverage
Definitions of a homeowners insurance policy are broken up into multiple categories, usually defined as HO-2 through HO-8. Your insurance agent at Town & Country Insurance serving Buford, GA will have more details about the categories and which type of insurance is right for you.
Discounts and the percentage of the discount vary between insurers. Many insurance companies offer a discount for combined policy, age, and other factors. Make sure you shop around for the best discount.
Deductibles are often overlooked, but when you need to file a claim, the last thing you need to do is count your dollars to make sure you can meet the deductible. Figure out what the highest deductible is that you can afford and consider that on average homeowners file a claim once every ten years.
There are some things that you don’t want in your policy. So keep an eye out for these and make sure they aren’t a part of your policy. One example is called the anti-concurrent-causation provision, which when present in your policy means you may not be covered if two catastrophic events occur at the same time, like damage from wind and damage from flooding. In this event, the insurance company may deny coverage because flooding was not covered by their policy.
Be sure to reach out to your agent at Town & Country Insurance serving Buford, GA for friendly and knowledgeable service that will lead to the right homeowner’s policy for you.