Your Home is your biggest asset, so it is important you know more than the cost of your insurance policy, and understand the coverage it includes or doesn’t include.
The Dwelling Coverage on your policy needs to be enough to rebuild your home from the foundation up. This amount is often different from market value or purchase price, and does not include the value of the land it sits on.
Pricing for Homeowner Insurance is not one-size fits all. The age of your home, distance from a fire station and fire hydrant, square foot living area and types of materials used to construct your home, are just some of the factors that go into determining the cost of coverage.
Increasing your deductible is a way to lower your insurance cost, without sacrificing valuable coverage. Your Insurance Agent can share the different deductible options available, along with cost savings, so you can decide if a higher deductible is worth it.
When choosing your deductible, keep in mind claims are not something you plan for. Your deductible is the portion of a covered loss you are responsible for paying before your insurance policy kicks in.
Keep in mind, you cannot insure something you do not own and a Homeowner policy is designed to provide coverage for an owner occupied dwelling.
When working with an Insurance Agent to customize a policy which fits your individual needs, it is important you disclose the intended occupancy and usage of the property, along with how it is deeded.
This article was written by Lynnsey McDonough, Account Executive - Personal Lines
