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Home Owners Insurance
Homeowner's insurance protects you from damage being done to your home from theft, fire, storms, floods and other natural disasters.
Types of Homeowner's Insurance
There are four main types of insurance related to repairing structural damage:
Saving Money on Insurance
Increasing your deductible - The higher the deductible, the less expensive the insurance premium. But don't forget that, in the event of a loss, you'll have to pay the amount of your deductible from your own money before your insurance pays for any damages. Don't take a deductible that will be too much for you to pay in the event of a loss.
Consolidating your insurance - If you buy homeowner's and auto insurance with the same company, you may be able to get a discount.
Types of Homeowner's Insurance
There are four main types of insurance related to repairing structural damage:
- Actual cash value: This insurance covers an amount equal to the replacement value of the damaged property, minus a depreciation allowance.
- Replacement cost: This insurance covers the cost of replacing damaged property without a depreciation deduction, but with a maximum dollar amount.
- Extended replacement cost: This insurance covers the cost of replacing your home up to a stated percent (usually 20-30%) over the amount insured.
- Guaranteed replacement cost: This insurance covers the cost of replacing damaged property without a depreciation deduction or a maximum dollar amount.
Saving Money on Insurance
Increasing your deductible - The higher the deductible, the less expensive the insurance premium. But don't forget that, in the event of a loss, you'll have to pay the amount of your deductible from your own money before your insurance pays for any damages. Don't take a deductible that will be too much for you to pay in the event of a loss.
Consolidating your insurance - If you buy homeowner's and auto insurance with the same company, you may be able to get a discount.
If you need any more information on this topic or buying or selling a home, contact us. We are here to help.
Pamela Edwards, realtor email me (972)715-0152 Ebby Halliday Realtors, Inc
Pamela Edwards, realtor email me (972)715-0152 Ebby Halliday Realtors, Inc
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