Five Things to Consider For Your Homeowner’s Policy

Not only is homeowner’s insurance necessary to protect your most significant investment, but it’s also a requirement for mortgage. A proper insurance policy will help you get your life back to normal as quickly as possible in the event of any unforeseen catastrophes like fire, storms, and other occurrences that can cause damage to your home. Worgess Insurance and Financial Services can provide you with a comprehensive homeowner’s insurance policy to meet your needs. In today’s post, let’s discuss five things that you need to consider for your homeowner’s coverage.

1. Get The Right Coverage – You need to make sure that your policy covers the dwelling, personal property, liability, and any other relevant living expenses. Depending on where you live, you may also want to consider coverage for natural disasters like floods and earthquakes, which are not always covered by a standard policy.
2. Replacement Cost vs. Cash Value – You need to consider the difference between replacement cost coverage (which will pay to replace damaged property with new items) and cash value coverage (which factors depreciation into your claim).
3. Deductibles – This requires a balance between what you can afford in your monthly premium and what you can afford in the way of a deductible. A higher deductible will result in a lower premium, but could result in a financial burden in case you need to file a claim.
4. Exclusions and Limits – You should review your policy thoroughly to get an understanding of what is and is not covered, like damage caused by certain natural disasters or high-value items. There will also be limits in coverage for personal belongings like jewelry or electronic devices.
5. Discounts and Bundling – Ask your agent about possibly bundling auto, home, life, and other policies for lower premiums. You can also check for available discounts for having a security systems or other features in your home.

No matter what your homeowner’s insurance policy needs may be, the professionals at Worgess Insurance and Financial Services can work with you throughout the process to make sure those needs are sufficiently met. Contact us to get a homeowner’s policy quote today!