Replacement Cost Value

This is the amount for which you insure your home.  It’s  based on what it would take to rebuild your home today. The figure incorporated modern day costs for materials, labor and even bring your home up to current code.

Home Insurance Deductible

Your deductible is what you will pay our out your own pocket before any assistance for your carrier kicks in. When you choose a higher deductible, you take on more responsibility for the cost of repairs. Therefore, your homeowners premium may be lower than if you were to choose a lower cost deductible.

Value of Your Personal Belongings

Look around your home. The stuff in your cabinets, on your walls, inside your closets-your home insurance covers much of it under Personal Property Coverage. The standard homeowners policy sets this coverage at 50 percent of the replacement cost value. So, if your replacement cost value is $300,000, you have $150,000 worth f coverage for your things.

Homeowners Premium

Your home insurance premium is the sum total you’ll pay for your policy after any discounts have been applied. You might receive discounts for owning a newer home, having a security system and insuring your car with the same insurance company. Remember you might incur fees on your premium as opposed to paying in full or opting for automatic payments from a bank account. At the time you purchase or renew your policy.

Cost of Supplemental Policies

It’s important to be aware that every insurance policy you’ll ever buy has its EXCLUSIONS, which are things the policy will not cover. Most homeowner policies do not cover damage resulting from floods and earthquakes, for example. However, you may be able to purchase a separate policy to cover these incidents. Doing so will obviously increase you overall insurance costs, but it will also increase your protection!