As a homeowner, it’s essential to have a homeowner’s insurance policy. Mishaps and emergencies can occur at any time, and it’s best to be prepared. Here are the facts you need to know about the coverage specifics for home insurance in Pinecrest, FL.

As the owner of the policy, you determine the coverage amounts for:

• Dwelling
• Medical payments
• Liability

Choosing Your Deductible

Your deductible is the amount of funds you will pay out-of-pocket before your insurance provides coverage. Some deductible amounts are based on a certain percentage of your home’s value while other deductibles are based on dollar amounts. Home insurance deductibles apply to damages your home or belongings sustain. These deductibles cannot be applied if you are being sued or an individual is injured in your home and files a medical claim against you.

Getting Adequate Coverage

When you’re considering getting home insurance, think about your home’s replacement cost. The replacement cost of your home is the number of funds you would need to rebuild your home if it is damaged or destroyed. Make sure you are considering the correct replacement cost and not the market value of the home. The replacement cost of your home is better to consider than the market value of the home because replacement cost provides more protection. In most situations, the cost of rebuilding the home is more than its market value.

Dwelling coverage is a part of insuring your home. Use your home’s total repair cost as the dwelling coverage limit. There are different online calculators that will help you with determining costs. It may be in your best interest to hire an appraiser to give you a definite answer on the replacement cost of your home.

Here at Hamilton Fox & Company Inc., we provide Pinecrest, FL residents with reliable home insurance, including, auto, home, commercial, and other insurance types. We know the importance of home insurance, and we are here to help meet your needs for an excellent insurance option. Contact us today to learn about our insurance solutions and how we can help.