There are several reasons why you want home insurance. If you have a mortgage on your home, then you may be required to insure the house for the value of the home. Many policies will require you to insure the home for at least 80% of the replacement cost. If you have less than this, then the insurance company may only pay part of the repair bill. This means you can pay more out of pocket costs down the road. There can be a lot of risks when underinsuring your home. In order to protect you from accidentally underinsuring your home, companies such as Costanzo Insurance Agency offer replacement cost policies. These policies will have your house insured for 100% of the replacement cost, and the company will pay to rebuild or repair the home, even if there are factors such as inflation.
Home insurance also provides financial protection with its liability coverage. The liability coverage will pay if you are responsible for property damage or bodily injury to others. It covers the settlement court fees and any judgments. This coverage will pay for medical expenses for those who are injured on your property or by your pets.
In addition to protecting your home and providing you with liability coverage, it will also protect your personal property. You can choose between the actual cash value or replacement cost coverage. Replacement cost coverage will replace the property with a comparable one at today’s price.
While home insurance can protect you from different perils, some things aren't covered. Floods and earthquakes aren’t covered under standard home insurance. Some things will determine the amount of coverage and premium you have. This includes the type of construction, age of the home, local fire protection, the deductible you want to pay, and your claims history.
Contact Costanzo Insurance Agency to get a quote on home insurance.