Purchasing your first home is a significant milestone. For most new homeowners, navigating home insurance is a novel experience. Our independent insurance agents at Precision Insurance Team in Mesa, AZ, will work with you to ensure you have all the necessary coverage. There are some aspects of home insurance that you may not be aware of, which will assist you in making informed decisions regarding your home insurance.
Understanding Content Coverage
Content coverage is not related to your actual content. It typically ranges between 50 and 70% of your home’s value. The method of reimbursement depends on the valuation you choose. You can opt for replacement cost, which considers depreciation or current value. However, certain categories have limited coverage. You need to review your policy for jewelry, antiques, cash, art, and electronics coverage. Your content insurance also covers your property when it travels with you.
Liability Coverage
Consider your assets carefully when determining the amount of liability insurance you need. Most policies come with a predetermined amount, but check the declaration page to decide if it’s sufficient for you. You may even want to get an umbrella policy to extend your liability coverage further.
Not Everything is Covered by Home Insurance
Home insurance covers many things, but not everything. Some of the things that aren’t covered include:
- Certain breeds of dogs
- Earth movements such as earthquakes, mudslides, landslides, and sinkholes
- Sewer backup
- Owner neglect includes termites, mice, not doing needed repairs, etc.
- Floods
The good news is that many of these things can be covered separately.
Contact our team at Precision Insurance Team in Mesa, AZ, for all your home insurance needs.
