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7 Things You Need to Know About…


Homeowners Insurance

Happy Couple Dream New Home

1. A higher deductible = lower premium

2. Carry a minimum of $500,000 personal liability.  It’s cheap, and more importantly this coverage can protect your assets in the event of a lawsuit!  (Even better, buy a personal umbrella policy.  Avg. $150/year)

3.  Know the replacement cost value of your home.   Take a look at the coverage A amount on your policy.  If you have had your policy for a while, it may be time to redo the replacement cost.  It could be too high or too low.

4. Extra coverage.  Policies should include the following endorsements: extended replacement cost on the dwelling, replacement cost on contents, identity theft, personal injury, refrigerated property, and water/sewer backup.

5. Valuable items must be specifically insured.  Jewelry, artwork, collectibles and other items of higher value need to be insured either as a schedule on your current policy or on their own separate policy.  A standard insurance policy will only give a limited amount of coverage for valuable items.

6. Who you gonna call?  If you have a claim, do you know what to do next?  Your agent can be your first call and should be your advocate throughout the whole claims process.  You will also work with a claims adjuster from the insurance company.

7. Flood and earthquake coverage are not included.  A flood policy is a separate policy and earthquake coverage can typically be included on your homeowners policy for an additional premium.