The Home Insurance Facts
Knowing a few home insurance facts can help any homeowner to choose the right type of insurance for their home, their largest and usually most important asset. Having a properly insured home in South Lima, NY is critical to protecting this all important asset and therefore individuals often should educate themselves about home insurance facts.
Understanding Rates
One of the first considerations is the rate, or homeowner insurance premium, which is paid by the homeowner for the insurance coverage. This rate is calculated based on various factors including the age, size and type of construction of the home. Your location also matters. Those homes located in areas with higher crime rate will be more costly to insure. Additionally, the value of the home, and the insured goods within the home, is critically important to the total cost of the insurance.
Verifying Value
The value of a home is calculated by considering both the value of the structure and covered items within the home. For example, it is important to know all the home insurance facts about your policy, including what amount of coverage is available to cover the replacement of the home. For those who have highly valuable items in their homes such as electronics, jewelry and computers, they may wish to have a higher coverage amount to cover the value of these items should they be totally lost.
Filing Claims
One of the most shocking home insurance facts is how infrequently homeowners often use their insurance protection. Anytime property is lost or damage is done to the home of significant value, it may be wise to report it to the insurance company. They may be able to replace the property without cost to the homeowner. This coverage may be very wide. For example, a missing stone from a wedding ring may be covered under the policy.
Knowing home insurance facts about your policy is critical. Take the time to read all disclosures to fully understand what this type of insurance actual covers.