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What Homeowners should know

Home insurance may seem hard to get your head around at first, but with a little understanding, you will be able to make the right decisions to protect your home and family adequately . There are a lot of things that need to be thought about when it comes to finding the right level of home insurance for you and protecting your property and possessions in case of damage or theft – even death in some circumstances! (Depending on the situation of course) You may think that this should be the only consideration when looking at protecting a home however this is only half the story and in fact you should consider other factors as well if you want to find the most effective home insurance policy for your needs.

People often mistakenly assume that the coverage to replace/rebuild their home after a loss will be equal to either its current market value or the original price they paid for it, but this is not the case. The replacement cost of the home is the amount of money it would take to rebuild it from the ground up based on its age and current construction costs (both materials and labor) in your area at the time of a loss rather than what you originally paid for your home many years ago. It is far more likely that in the event of a covered claim today it would cost significantly more to completely rebuild the home than it costs to obtain a policy that is based on the home’s original value or even the market value of a similar home in your local area.

Home insurance policies cover home contents to a maximum value that is typically sufficient for most people’s requirements. The majority of policies provide cover for specified and non-specified items, but please note these limits may differ depending on policy type and design including differences in occupancy allowance and the amount of content protection offered as part of the basic level of sum insured/replacement cost basis insurance available under the standard home insurance package.

An expert agent or broker can help you with this process and ensure that you get the most competitive rate when it comes down to home insurance options. When you are looking to sell and buy a new property, an agent can help by informing you of the applicable rules and regulations that are put in place. For further information regrading insurance and insurance claims, we suggest contacting the public insurance adjusters in Cooper City.

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