Purchasing home insurance
You Need Home Insurance - Homeowners need to purchase
home insurance to protect their homes and personal
property. Everyone needs protection against liability for accidents
that injure other people or damage their property.
Decide How Much Coverage You Need - The better
your coverage, the less you will have to pay out of your own
pocket if disaster strikes. In some cases, your lender decides
policy that covers at least the amount of the mortgage.
Compare Deductibles - The deductible is the amount
you have to pay out of pocket on each claim and applies only
to coverage on your house and personal property. A policy
with a $100 deductible will cost more than one with a $250
You have the
option to choose to insure your home and belongings for either
replacement cost or actual cash value. Replacement cost
is the amount it would take to replace or rebuild your home
without deducting for depreciation. It is important to insure
your home for at least 80 percent of its replacement value.
Actual cash value is the amount it would take to repair or
replace damage to your home after depreciation.
Shop Around Before You Buy
purchase insurance from the company your lender recommends
In some states, insurers
offer lower prices for such things as insuring your home
and car with the same company, installing deadbolt locks or
alarm systems or replacing the roof.
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Basic Coverages Available - Whether you own or rent,
there are different packages of home insurance offered to protect
your home and belongings. Each package protects against
each package policy usually contains four additional types of
sonal liability and medical payments.
Read Your Policy Carefully - You should be aware that a
home insurance policy is a legal contract. It is written so that
your rights and responsibilities as well as those of the insurance
company are clearly stated. When you purchase home
insurance, you will receive a policy. You should read that policy
and make certain you understand its contents. Keep your
policy in a safe place and know the name of your insurer.
Review Your Home Insurance Needs Every Year - Check
with your insurance agent at least once a year to make sure
Flood Insurance - It may not end at home owners insurance,
if you reside in the state of Florida, insurance gets more
complicated, with Wind and Hurricane coverage exclusions
and deductibles. Flood insurance that is mandatory in Special
Flood Hazard Areas, which there are many throughout the
coverage that you had not factored into your cost? Flood insurance
can be a costly purchase especially as you get closer
to the coastal sections of the state and the extending of the
ing your new home in.
So when it comes to making your decisions about insuring
your home its best to meet with a professional Insurance
Agent who has the training and experience to insure your
home properly and at the best possible rate.
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Our May/June Issue
Deadline April 26, 2018
W omen FLORIDA
32 • APR/MAY 2019 813.682.9364 FLORIDA WOMEN MAGAZINE