Owning a home is considered a great investment. It is important to properly protect it against unexpected perils since it takes a great part of your budget. Besides, if you used a mortgage to purchase your home, your lender will demand the property to be appropriately insured as a condition of sustaining the mortgage.
Understanding the basic facts about homeowners insurance will be of great help to help you get the most out of it. Below are five facts about commercial insurance that will ensure you capitalize on it.
1. There are different categories of homeowners insurance.
A homeowner’s insurance cover could be HO-3 which gives you coverage for open perils, HO-5 which gives coverage for both your structure and property and an HO-6 which gives coverage for structural parts of the building.
2. Not every single type of damage is actually covered.
A standard policy only protects your structure, personal property, liability and loss of use. Certain natural disasters such as sudden floods, war, normal wear and tear, terrorism and earthquakes are not covered.
3. Maintenance of your home is considered while filing claims.
As a homeowner, you should ensure to keep your property in good shape to prevent any vulnerability to damage. Your insurance company can deny a claim if it is determined that the damages were due to negligence or too many claims.
4. You can get discounts with deductibles.
Increasing your deductibles for your home owner’s policy will reduce your premiums depending on your potential risks which in turn guarantee you discounts.
5. Insurance rates differ.
The amount of premium you pay is determined by a number of variables such as area, size, age and level of risks which in turn determines your insurance rates.
If you are shopping around for home insurance quotes, visit us at Lincoln, NC, Kale Insurance to get free and adept advice from our top rated insurance professionals.