Many homeowners know that they need home insurance coverage as required by their mortgage provider. For this reason, they find suitable coverage and then promptly forget about their policy, hoping they never have to use it. Not only is it good to review your coverage regularly to ensure it still suits your needs, but it's important to know these three factors of your insurance at all times.
Your premium is the rate you pay every year or month in exchange for coverage. It's important to keep up with these costs as if you do not, you could lose coverage. Your premium is determined from a variety of factors, such as your home's age, location, condition, value, risk factors, your personal details, and more. Ask your agent if you are entitled to discounts on your premium by bundling coverage or installing home security features.
Your deductible is what you must pay out of pocket in the event of a claim before the insurance policy to kick in. It's essential that you determine the premium as an affordable out of pocket cost so that you can afford to file a claim if needed. Keep in mind that although this may be a pre-determined dollar amount, for items such as jewelry, it may be a percentage of the damage.
Far too many homeowners purchase home insurance thinking that it covers every known disaster and event. Standard home insurance policies exclude damage from floods and earthquakes. If your home and property are susceptible to these disasters, consider adding a separate rider for complete coverage. What's more, if you have items of high-value, you may need to secure additional coverage to protect their complete value.
Ask your insurer for more information about your policy! When you're ready to secure a quality homeowners insurance coverage, talk to the friendly experts at Jack Stone Insurance Agency. We serve Antioch, Brentwood, and surrounding cities in California. Contact us today to get started!
