When it comes to home insurance in Wayne, PA, the most important thing to remember is that you need home insurance. While it may not be required, everyone will need protection against liability for any accidents that can injure others and cause damage. It’s also important to protect the home and your belongings in the house.
Determine How Much Coverage You Want
The better coverage you have, the less you will have to pay out of pocket if disaster strikes. Sometimes your lender will require how much coverage you need, which is typically at least the amount of the mortgage. It’s important to note the amount of coverage you buy will affect your monthly premiums.
Actual Cash Value or Replacement Costs?
You may have the option to choose between actual cash value and replacement costs. Replacement costs are the amount it takes to replace or rebuild your home with similar materials without depreciation. You want to insure your home for at least 80% of its replacement value.
The deductible is the amount you have to pay on each claim. You should choose a policy where you can afford to pay the deductible. If your policy has a lower deductible, it will usually cost more.
Read Your Policy Carefully
Each policy is different, so you should read your policy carefully. Doing so will help you know what is covered and what isn’t. Keep it in a safe place, and know the name of your insurer. For example, home insurance doesn’t cover flooding.
Review Every Year
Check with your agent at The Sirover Agency, LLC to see if you need to update your policy to make sure you have enough coverage. New insulation, remodeling, or an addition of a room can add value to your home and increase the replacement costs.
Contact The Sirover Agency, LLC, serving Wayne, PA, to get a quote on home insurance.