What Should I Consider when Purchasing Home Insurance?
Many people think that all Home Insurance policies are created equal. That certainly is not the case. I’ve been in the Insurance business for 20 years and I assure you that there are too many different types of coverage’s offered to you, and that most agents do not really explain what they are offering and why. So, the home buyer, normally thinks, great I’m covered, and the price was really good too, and may never really know what they are and are not covered for, until they make a claim that is. Many policies only cover actual cash value or ACV, which means that if you have to make a claim you would be paid what the item is worth due to age and condition, what I call garage sale price. If your policy provides Replacement Cost coverage then when you make a claim you are paid what it would actually cost you to replace the covered item with a new item. For instance a 10 year old TV may only be worth $50, but it may cost you $1,000 to replace with a new one today. Another great example is that unless you specifically ask for it many insurance policies do not cover you if you have a water leak in your home. That’s crazy, you’re not an insurance agent, and how would you know to ask for that coverage? Water leaks although rare can be one of the most expensive claims you could ever have, but to add coverage for water damage normally only costs a few dollars a year. When it boils down to it you need an agent who is looking out for your best interest, and agent who thinks “What would I want on my own house, knowing what I know?” We are always here to help you, we know that you don’t need to be an expert on insurance, but that too many agents in the market place may take advantage of the fact that you’re not. Please Contact us now with any questions about a policy you may already have or one you may be considering purchasing. If it’s a good policy we’ll tell you so, and if it’s not we’ll tell you that too.
Doug Heimer V.P.
Heimer Insurance Services Inc.
The above description of Home Insurance coverage is based on policies offered for newly built homes less than five years old. This is not intended to disclose all policy provisions or limitations including your specific deductible. You must consult your policy for exact details or contact us now with any question you may have.