HOME INSURANCE

Your home is likely the biggest financial investment you'll ever make, so you'll need an insurance policy that fully protects it. However, not all homeowner insurance policies are the same.

Some things to consider when shopping for home insurance include the following:

• Most lenders will require proof of insurance, but the type of coverage you choose is up to you. Generally, there are three different levels of home insurance:
• Actual Cash Value (ACV) coverage offers the least protection and is usually the most affordable option. ACV policies cover the cost of your home and belongings after accounting for depreciation. This depreciation clause is crucial because it reimburses the value of the structures and items based on their worth at the time of the loss, not their original purchase price. Depending on the depreciation assessed, it might be challenging to restore your home and belongings to their pre-loss condition without incurring some out-of-pocket expenses.
• Replacement Cost coverage is a step up from an ACV policy because it doesn’t factor in depreciation on your home or belongings. With a Replacement Cost policy, you'll be able to repair or rebuild your home to its original value without any deductions for depreciation.
• Guaranteed Replacement Cost is the most comprehensive coverage and typically the most expensive. This policy guarantees the full replacement of your home, even if the cost exceeds the policy limits. It ensures you won’t be underinsured in the event of a total loss.
• A standard homeowner insurance policy typically covers the dwelling, personal property within the home, and personal liability if someone is injured or has an accident at your home. However, there are additional coverages called riders or endorsements that can be added to expand coverage for specific types of property or risks. For example, a jewelry rider is often used when the value of your jewelry exceeds the limits set by the base policy. Another common rider is water backup coverage, as this is frequently excluded from standard home insurance policies.

The best way to determine the right insurance and which riders to consider is to consult with a licensed agent in our office. We can help assess your home insurance needs and provide you with quotes from several leading insurance companies.

Our licensed team is ready to help you get multiple home insurance quotes. As an independent insurance agent, we can compare options from various insurance companies to find the right coverage at the best price.