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When you’re ready to buy a home insurance policy in Ft Myers, FL, it’s essential to understand the different coverage options available. Homeowners’ insurance covers the house, other buildings, and personal belongings. They also include liability protection in homeowners’ insurance policies.
Different Levels of Coverage
The most common type of homeowners’ insurance is all-risk insurance, which covers the home against all perils, except those expressly excluded from the policy. Another type of homeowners’ insurance is perils insurance, which covers the home against specific risks named in the policy. Buyers should understand the different coverage before they purchase a policy.
The Martin Insurance Team can help you understand the different coverage and ensure you have the right amount of protection for your home. Call us today to get started.
Deductibles
Deductibles are the amount the policyholder must pay out-of-pocket before the insurance company pays a claim. The higher the deductible, the lower the premium. Your mortgage lender may require you to purchase a policy with a deductible of only 1% of the loan amount.
Policy Limits
Policy limits are the maximum amount that the insurance company will pay for a covered claim. Most policies have limits for different coverage. For example, a policy may have a $100,000 limit for the dwelling and a $50,000 limit for personal belongings.
Replacement Cost Coverage
Replacement cost coverage is the amount it would cost to repair or replace damaged property with similar kinds and quality materials without deducting depreciation. Depreciation is property value loss due to age, wear, or obsolescence.
When you’re ready to purchase a home insurance policy in Ft Myers, FL, call the Martin Insurance Team. We’ll help you choose the right coverage for your home.
