3 Facts about Homeowners Insurance
If you are thinking of a home purchase in the near future you will also be purchasing homeowners insurance. Homeowners insurance is a very important part of home ownership. So you need to be sure you insure your west Houston home properly.
I find that a lot of people do plenty of research before making a home purchase but they don’t really find out very much about the homeowners insurance coverage they are purchasing.
Ask and Expert
So I asked my agent, Rhonda Runge with Serna Insurance 713 515 8928, if she could point out the top 3 facts about homeowners insurance you need to know.
Insure your west Houston home properly
Here are 3 facts about homeowners insurance and how to insure your west Houston home properly.
1. When a claim is made and even when the policy has replacement cost provisions, the initial payout is based on “actual cash value”. Obtain final receipts to give evidence of completion of the work or that a personal item is replaced. Then the rest of the proceeds from your insurance are paid out. Remember that in order to be reimbursed for any type of loss (especially personal property), it is your responsibility to show proof of prior ownership with either receipts, photos or a combination of both.
2. Let’s say that you have a claim for fire that damages your flooring. You originally have carpet and now you would like wood instead. Since the purpose of insurance is to “make you whole”, the carrier will reimburse you for the amount to replace the carpet only. If you want to upgrade to wood, that is fine. You are only responsible for the extra cost.
3. The “limits” of coverages for insurance are just that. For instance, say you are covered “up to a limit of $200,000” for the dwelling which is Coverage A. What this means is simply that if the cost to replace your dwelling is only $190,000, then that is what will be paid.
If you like to know more, please give Rhonda Runge a call at (713) 515-8928.
Connie Vallone with Park West Real Estate Inc. (713) 249-4177