5 Essentials of Buying a Homeowner Insurance Policy

On January 14, 2017

A standard homeowner’s insurance policy pays for any structural damage from most causes.  It also pays for damaged personal belonging resulting from an array of caused as well as theft of your belongings. It’s like securing a large investment for some of life’s biggest surprises. Although it might sound pessimistic, it’s important to protect your home and belongings from any damage or threat. If disaster strikes, you can keep a sense of stability as the last thing you want to worry about is money.

homeowners insurance Rochester

A homeowner Insurance policy also acts as a safeguard against personal liability to others caused by you.

Most policies include coverage from fire, smoke, wind, hail, water, damage, theft and personal liability however when it comes to insurance, terminology can differ from carrier to carrier. The homeowners insurance in Rochester NY as in all places is a contract containing a lot of words that we don’t use a lot in everyday life. Therefore, it is important to be aware of some of the insurance terms when selecting and understanding your home insurance policy.

  1. Replacement Cost: Replacement cost value is the cost to replace or repair your house and belongings with new materials and belongings.
  1. Actual Cash Value: Actual cash value is the cost to replace or repair your house and belongings less depreciation, like the way a car’s value depreciates.
  1. Personal Property: Your personal belongings/contents like furniture, clothes, sports equipment and other personal items are covered in personal property protection. This will cover the contents in your house that you own and may provide some coverage for those contents while they are off your property. Personal property coverage is generally 50 to 70 percent of the insurance on your house.
  1. Liability Protection: You homeowner policy covers more than just your house and its contents. Most of the policies include personal liability protection, which may cover injury or property damage to others caused by you or a member of your household.
  1. All-Risk Coverage: All risk coverage on your house means that unless some event is specifically excluded in writing in the policy, then it is covered.
  1. Save by bundling: Insurance policy bundling means combining two or more insurance policies into a single package. Some companies give bundle price to save you time and money.

Your house is your most important investment, so be sure to safeguard it from potential damage. Consult the most knowledgeable insurance provider in your area to get the best policy for your needs and dollars.  As a wise homeowner, you can trust InsuranceTrak for correct information and to answer all your questions. We can help you find the most affordable homeowners insurance in Rochester, NY.

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