Leigh Insurance Agency of St Augustine Blog
It’s the New Year and we have to think of ways to make things work for us, especially in the financial department. One way of doing this is to make sure that we get homeowners' insurance. What are the reasons why you should get homeowners’ insurance in 2020?
Please read on to learn more about it.
Added Financial Protection
The first reason is to make sure that you are protected from undue financial stress if ever you incur any damage to your property in the New Year. Paying for replacements to your furniture can be a hassle, especially if you don’t have the money to do it yourself. If you have a homeowner’s insurance, you will be able to rest easy knowing that you can replace your furnishings even if you don’t have much money to pay for it.
Financial Support for Possible Renovations in the Future
Secondly, you will easily get repairs done if you have a Home Insurance to pay for at least half of the renovations needed for your property. In case of damage, getting home insurance will ensure that you will have secure finances to support any renovation that you might want to get for your property down the line.
However, you must be aware that insurance will not cover everything. You have to be aware of the different insurance policies that are available for you as a homeowner. Some of these insurance policies are as follows:
Most insurance policies take care of the structure of the house. However, there are limitations to these policies, as listed below.
Actual Cash Value
The actual market value of your property when you bought it the first time. It is possible to have it increase over time due to aging. This condition holds for furnishings and appliances, as well as the structure itself. Some portions of your house may not be covered by the insurance policy at all. If this happens, the benefits you can receive from the insurance policy may be lower than expected due to its limits.
Replacement Cost Value
The price of labor and materials used when renovating the house. Up to a certain point, this will not be covered by insurance because of the limits presented by the standard percentages of labor costs allowed by the insurance company.
If your insurance covers replacement cost value, it means that it may have a higher premium than your ordinary homeowners’ insurance.
Once you are aware of these limitations, you will certainly enjoy using your insurance money even more. It will also be easier for you to lower the costs of insurance policies if you know what you’re getting into in terms of pricing.
At Leigh Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (904) 826-0799 or Click Here to request a free quote.