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Things You Need To Know About Home Insurance

Your home can be your biggest purchase, and its contents probably are just next to it. Therefore, when it comes to insurance, it is important that your home and belongings are protected. Below are the things that you must know about home insurance.

1. Your home re-build’s cost plays a very crucial role in finding out the amount you will pay for your home insurance. Ask your insurance agent to discuss with you the methods your insurance company is using.

2. You must check with your agent to see if you have definite and guaranteed replacement coverage. This way, you are sure that you will receive the exact amount you need to replace your home.

3. You might be surprised to know that not all insurance policies cover for damage from your sewer back-up into your home. You can talk with your agent if you are not sure with this.

4. Take note of some policy special limits. Some if not most of the policies put a limit they will pay to cover up certain items-jewelry, tools, etc. Companies differ from their set of limits.

5. Ask yourself about what type of policy you want to purchase. Generally speaking, there are three types of policy. These are the Comprehensive Policy, the Broad Policy, and the Fire Policy. Comprehensive policy offers full coverage. On the other hand, Broad policy offers regular coverage and the Fire policy only provides basic coverage. Be sure to ask your agent about these policies so you will have a better understanding and eventually have an idea on whether what to buy.

6. You can ask for some discounts. Some home insurance company offers discounts. This way, you can save money in purchasing your home insurance policy.

7. If you are only renting a home, you might as well consider tenant’s policy. This policy protects your belongings such as your home appliances, jewelry, etc. and makes sure that you are covered if anything happens to you, or your neighbor or your friend get injured while they are in your apartment.

8. Depending on the location of your home, you might want an additional coverage. Let’s say for example you live in a flood-prone area, you might want to think about considering earthquake coverage. Another example is when you live in a low-lying place wherein it is at risk of sewer-back up. You might want to consider the sewer back-up coverage which is not usually included in some policies.

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