Review Your Home Insurance Policy for This Essential Information

Review Your Home Insurance Policy for This Essential Information

Make sure you know these things about your home coverage.

As a homeowner, it’s irresponsible not to know specifics about your home insurance.  After you secure homeowners insurance, it’s vital that you review your policy so you know what to expect in the event of a loss or claim event.  Here are some of the essential things to know about your home coverage.

  • Your Coverage Limits

All insurance policies have their limits, and your home insurance policy is no exception.  Your homeowners insurance likely comes with varying limits for different areas of coverage.  For instance, your policy probably places specific dollar limits on things like dwelling and personal property coverage.  Make sure you read through your policy and work with your insurance provider to determine if your coverage limits are high enough to address your risks.  If you need to increase your limits, then your insurer should be able to make these adjustments for a small premium increase.

  • Your Deductibles

Much like your policy includes different forms of coverage, it will also have different types of deductibles.  While it’s important to know the main deductible amount that your insurer will collect when you go to file a claim, you should also know if your policy requires additional deductibles for specific types of claims.  Additionally, if you have supplemental home insurance policies to cover things like earthquake, flood, or windstorm damage, then these policies might not impose a dollar deductible amount.  Instead, they may require a percentage of the claim amount to be covered as the deductible.  In the event of some losses, you may not need to pay a deductible at all.  Make sure you know all about your various deductible requirements so you are prepared if you ever have to file a claim.

These are two of the important things that you should know about your homeowners insurance.  Do you need help understanding your home policy?  If so, then contact the experts at Steve Wilk Insurance.  Check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.