When you buy a home, getting homeowners insurance is crucial. If you live in the Plainfield, IN area, you can contact the Gill Insurance Agency to answer any questions about your insurance solutions. Homeowners insurance is a requirement for getting a mortgage. There are different types of homeowners insurance, and it’s essential to get the ones you need.
What is the 80% Rule?
It’s important to understand how much insurance you should buy. There is a guideline called the 80% Rule. According to this role, the insurance company will only cover your damages if you have purchased insurance worth at least 80% of the house’s value. If your policy isn’t worth that much, the company will only pay a proportion of the minimum coverage you should have purchased.
The 80% Rule makes it essential for you to know the value of your home before buying home insurance. Remember that if you’ve had any capital improvements to your home, this will affect the home’s value – and, therefore – the amount that will be paid on a claim. Unfortunately for all homeowners, inflation will also increase the value of their home. For this reason, experts recommend you review your homeowner’s insurance every year to determine the correct amount of your policy value and your premiums.
Call Us for an Appointment Today
Gill Insurance Agency has offices in several states, and each office is staffed by experienced professional agents familiar with insurance guidelines for their state. We can discuss your home and determine how much insurance you need to buy. If you’re in Plainfield, IN, we’re the agency that can accurately assess the value of your home. Call us today for an appointment to discuss your home insurance needs.
