As a homeowner, you must do everything you can to protect your investments. That’s why carrying homeowner’s insurance is so important. A policy from Express Insurance can help you financially in a disaster, whether it’s a fire, severe weather damage, or even theft.
One of the most important things about your homeowner’s insurance policy is what events are covered. Most policies will cover damage from fires, severe weather, and theft. However, there are some exclusions that you should be aware of. For example, most policies will not cover flooding or earthquake damage. That’s why it’s so important to read your policy carefully and understand what is and isn’t covered before you need to file a claim.
Another essential thing to know about your homeowner’s insurance policy is your deductible. You’ll need to pay an out-of-pocket amount before your insurance company steps in and covers the rest. Remember that having a higher deductible will usually result in a lower premium, so it’s a trade-off you’ll need to consider when choosing your policy.
Replacement Cost vs. Actual Cash Value
When shopping for homeowner’s insurance, you’ll also need to decide between replacement cost coverage and actual cash value coverage. Replacement cost coverage will reimburse you for the cost of repairing or replacing your home up to the limit of your policy, regardless of its current value. Actual cash value coverage, on the other hand, will reimburse you for the current market value of your home—which may be less than what it would cost to repair or replace it.
As a homeowner, carrying adequate insurance in Longwood, FL is one of the best ways to protect your investment. A policy from Express Insurance can help you financially if disaster strikes by covering damages from events like fires, severe weather, and theft—up to your policy’s limit.