The Low Down on Homeowners Insurance

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o you know what homeowners’ insurance is all about?

It is a policy that is intended to provide a certain level of financial compensation if there is damage or destruction to your home or property.  It may also cover you if you accidentally injure someone else or damage their property.

A standard homeowners insurance policy may cover things such as:

  • Damage to your home or any attached structures such as a deck and the amount you would be compensated should you need to rebuild.
  • Damage to stand alone structures on your property which would include your fence, shed or gazebo.
  • Replacing or repairing belongings that may be damaged or stolen during a covered event.
  • Additional living expenses you may incur temporarily while your home is under construction due to damage in a covered event.
  • Liability of $100,000 – $500,000 if you accidentally injure someone or cause damage to their property.
  • Medical payments for expenses of someone injured on your property, regardless of who may be at fault. It also covers you, a family member or a pet injured elsewhere.

The amount of coverage you have will entirely depend on the type of homeowner’s insurance policy you purchase.

When you are looking into policy options you can prepare by assessing your home and belongings first.  One way to do this is to create a home inventory list for all your possessions and how much they’re currently worth, any serial numbers they have, and how much they cost initially.

You also want to consider the size of your home and any history of natural disasters in the area there.

When it comes to purchasing a homeowners insurance policy, you want to be sure you are getting the right insurance and the best deal.  Here at John Scott Insurance Agency we help you with both of these areas. You will know what is covered, be aware of what items need to be insured and you will be covered in the best way for you and your family.

The type of home insurance required for your property depends on your situation. If your home is quite expensive or you have precious personal belongings, you may need more extensive coverage. You may also consider increasing your personal liability coverage if you host guests often or have a trampoline or pool on your property that are used by others.

There is always a deductible attached to your policy. This is the amount you need to pay out of pocket toward your claim. This usually comes out to a flat dollar amount like $800 or $2200.

When you get a claim check, the insurer will subtract the deducible amount first. For example, if you have a $500 deductible and the insurer approves $7,000 in repairs, the insurer will pay you $6,500.

If you would like to assess your current policy or need to put a new policy in place, give us a call.  We would be happy to help you make this process easy.

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