Having homeowners’ insurance in place is both a smart idea and usually required by mortgage lenders in Phoenixville, Limerick, Royersford, Skippack, Collegeville, Trappe, and the surrounding areas. But sometimes, homeowners make mistakes when it comes to having the right coverage for their home. Talk with Kelly Insurance Group to ensure that your homeowners policy offers you the protection you need.
One of the more common mistakes made with homeowners’ insurance is underinsuring the home itself. It is usually important to have a dwelling limit that matches the home’s replacement cost value. The replacement cost value is basically the estimated cost to rebuild the home from the ground up. It is important to provide the right details about the home to calculate replacement value accurately, and so the dwelling coverage limit is adequate.
Another mistake that homeowners can make is to not review and understand the different exclusions and limitations that the homeowner’s policy outlines. For example, most homeowners’ insurance policies do not cover floods or earthquakes, but there are supplemental policies and endorsements that provide coverage for exclusions that homeowners know they have exposure to in their area.
What about all of the personal belongings inside your home? These add up, and unless someone takes an inventory of these items and assigns a cost to them, the coverage limits in the homeowners insurance policy may not be enough to cover everything. This is especially true when it comes to expensive jewelry, antiques, high value collectibles, and other things that can be scheduled or listed separately and added to the policy.
Homeowner’s insurance usually has a deductible, or an amount that the homeowner needs to kick in before the insurance will take over in the event of a claim. The lower the deductible is, the higher the premiums will be. However, if a deductible is too high, the homeowner could incur excessive out of pocket expense. When shopping for homeowners’ insurance, working with an agents like those at Kelly Insurance Group will show homeowners premiums differences at various deductible levels.
Be sure that a homeowners insurance policy is the right fit no matter where your home is located in Phoenixville, Limerick, Royersford, Skippack, Collegeville, Trappe, and the surrounding areas. The Kelly Insurance team will help you get the best coverage for you and your family.
About Kelly Insurance Group
Kelly Insurance Group has been providing smart and affordable risk management solutions for both personal and commercial customers since 1984 for customers in Phoenixville, Limerick, Royersford, Skippack, Collegeville, Trappe, and the surrounding areas. Visit https://www.kellyins.com to learn more.