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Purchasing A Policy? Homeowners 101

Still not completely sure of what is covered under your homeowners insurance policy? Typically your homeowners policy will cover the cost of damage to your belongings and property in the case of a disaster. Additionally, you will be protected from liability if someone injures his or herself on your property. If something happens to your home that makes it unlivable, your policy will pay for the necessary hotel bills. Lastly, certain policies may even cover your belongings when you are away from your home, and on the road!

Now, you’re probably wondering what won’t be covered under your policy. Well, certain situations such as landslides, earthquakes, war, power failure, and flooding are usually not included in your conventional homeowners insurance policy. Before deciding on a policy, research your area and take note if you live in a high-risk area. This may affect your coverage, and your carrier may need you to take out a separate policy.

You may want to consider installing preventative devices such as a security alarm, deadbolt, or smoke detector. Doing this can dramatically lower your premium, as your carrier will see you as less of a risk. Be sure to discuss the difference between replacement coverage and market value with an agent you trust. Buying a policy based on market value will be more helpful in the case of a loss, only if the loss is not due to a natural disaster. If a natural disaster was the culprit, you may want to think about buying a policy based on replacement cost.

In the case of a loss, you should make a claim immediately. Document everything you can think of during this process, and be ready to present it to your insurance carrier. If you have any questions about homeowners insurance, please get in touch with the friendly and experienced insurance professionals at Bell Black Insurance. They will present you with an affordable insurance policy, tailored perfectly to fit your specific needs! Contact Bell Black Insurance, located in Rexburg, today!