Home insurance is a critical aspect of proactively protecting your home, family, and belongings. The Gill Insurance Agency in Plainfield, IN offers the following guidance with regard to home insurance.
What Does Home Insurance Cover & How Much Coverage Is Needed?
Home insurance typically covers damage to
- The home and other structures, i.e., fence shed, etc.
- Personal belongings
- Liability for injuries sustained on the property
- Living expenses should the property become inhabitable due to a covered peril
The amount of coverage depends on the home’s value, contents, location, etc.
What Does Home Insurance Protect Against?
Although each policy varies, the typical perils for which this insurance protects include
- Fire
- Theft
- Windstorms/hail
- Vandalism
- Certain water damage
What is a Deductible?
A deductible refers to the specific amount an insured pays out of pocket before insurance coverage begins. Higher deductibles help lower premiums but require more out-of-pocket cash prior to making a claim.
How do Replacement Cost & Actual Cash Value Differ?
Replacement cost refers to coverage that replaces covered items with new ones. Actual cash value will pay less as it accounts for the damaged item(s) depreciation.
Does Home Insurance Include Coverage for Flood Damage?
Not typically. If your home is in a flood zone or prone to flooding, a separate flood policy is available through private or federal National Flood Insurance Program (NFIP) insurers.
Are there Discounts for Home Insurance?
Yes. Depending on the policy, these discounts may help lower your premium –
- Home security systems
- Smoke detectors
- Bundling policies
- Good credit and more.
Contact Us Today
Remember to maintain your premiums to avoid a lapse in coverage, and contact us at Gill Insurance Agency in Plainfield, IN for more information.
