As a homeowner, you have a responsibility to read through and understand specifics about your homeowners insurance policy. But what key information should you look for? Here’s what you need to know about your home coverage.
All insurance policies have their limits, and your home insurance policy is no exception. Your homeowners insurance likely comes with varying limits for different areas of coverage. For instance, your policy probably places specific dollar limits on things like dwelling and personal property coverage. Make sure you read through your policy and work with your insurance provider to determine if your coverage limits are high enough to address your risks. If you need to increase your limits, then your insurer should be able to make these adjustments for a small premium increase.
Much like your policy includes different forms of coverage, it will also have different types of deductibles. While it’s important to know the main deductible amount that your insurer will collect when you go to file a claim, you should also know if your policy requires additional deductibles for specific types of claims. Additionally, if you have supplemental home insurance policies to cover things like earthquake, flood, or windstorm damage, then these policies might not impose a dollar deductible amount. Instead, they may require a percentage of the claim amount to be covered as the deductible. In the event of some losses, you may not need to pay a deductible at all. Make sure you know all about your various deductible requirements, so you are prepared if you ever have to file a claim.
These are some of the important things that you should know about your home policy. Do you have additional questions regarding your homeowners insurance? If so, then contact the experts at Phocus Insurance in Phoenix, Arizona. We are ready to assist you with all your coverage needs today.
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