Review your home insurance policy to learn these essential things.
As a homeowner, there are certain things that you need to know about your policy to ensure that you are not caught off-guard by a claims event. Here are three of the things that you should look for in your homeowners insurance policy.
1) Coverage Limits
All insurance policies have their limits, and your home insurance policy is no exception. Your homeowners insurance likely comes with varying limits for different areas of coverage. For instance, your policy probably places specific dollar limits on things like dwelling and personal property coverage. Make sure you read through your policy and work with your insurance provider to determine if your coverage limits are high enough to address your risks. If you need to increase your limits, then your insurer should be able to make these adjustments for a small premium increase.
2) Covered Perils
Many homeowners assume that their homeowners insurance protects them from every threat that comes their way. However, there are certain perils and damage events that will not be covered by your standard home insurance policy. For instance, regular home insurance will specifically exclude coverage for floods, earthquakes, sewer backups, pest infestations, and issues related to a home business. To ensure that you are not caught off guard by a coverage gap, make sure you read through your policy and speak to your home insurer to discover exactly what your policy will cover. Keep in mind that there are various insurance endorsements and specialty policies that can fill your coverage gaps.
Much like your policy includes different forms of coverage, it will also have different types of deductibles. While it’s important to know the main deductible amount that your insurer will collect when you go to file a claim, you should also know if your policy requires additional deductibles for specific types of claims. Additionally, if you have supplemental home insurance policies to cover things like earthquake, flood, or windstorm damage, then these policies might not impose a dollar deductible amount. Instead, they may require a percentage of the claim amount to be covered as the deductible. In the event of some losses, you may not need to pay a deductible at all. Make sure you know all about your various deductible requirements, so you are prepared in the event that you have to file a claim.
These are the essential things that homeowners should know about their insurance coverage. Do you have further questions about your homeowners insurance? If so, then contact the experts at Gant Insurance Agency. We are ready to assist you with all your home coverage needs today.