Best Insurance Group, LLC Blog
To secure the safety of your loved ones and your belongings, you want to be sure that you’re covered when something happens to your home. That way, if something goes wrong, you have a plan in place that will get you back on track quickly.
This article will help you comprehend all the different components that make up your policy, including things like property damage, liability, casualty, and more.
What Is Homeowners Insurance?
Homeowners insurance is another term related to Property Insurance, a broad series of policies that protect your property.
Homeowners insurance covers the damages inflicted on a person’s residence. This policy includes any furnishings, assets, and resources within the home and provides liability coverage against any accidents that occur on the property.
In most cases, this insurance policy covers these four incidents:
The deductible is the out-of-pocket costs for the insured. So if any of these incidents have happened, homeowners will be required to pay a deductible.
For example, let’s say you claim that your house suffered interior water damage. A Claims Adjuster will estimate the cost to make the house livable again. Let’s say $10,000. If the claim is approved, the company will inform you of their deductible amount ($ 4,000) per your policy’s coverage.
Then, the insurance company will pay the excess cost, which will be $6,000. When the deductible is high, your monthly premium on your insurance policy will be lower.
There is a liability limit to every homeowner’s insurance policy which determines the amount insured by the coverage. And policy rates greatly depend on the insurer’s assessment of the risk, claim history, the home’s condition, and the neighborhood.
Keep in mind that there are different types of coverage. Actual Cash Value is about how much the item is currently worth, not how much you spent on it. Replacement Costs will cover the cost of your home’s original value. The Guaranteed or Extended Replacement Cost policy will pay whatever it costs to rebuild your residence.
At Best Insurance Group, LLC, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (970) 674-5000 or Click Here to request a free quote.