Homeowners Insurance
Homeowners Insurance Quote Forms
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Homeowners Insurance Information
Your house is likely one of your most valuable assets. If it’s damaged or destroyed, you could face high repair or replacement costs, not to mention the expenses of finding another place to stay if your home becomes unlivable. Homeowners insurance helps protects you from out-of-pocket expenses if your home is damaged or your personal possessions are destroyed.
Ask us about our home coverage options. Contact Gene Smith Insurance Agency for a free home insurance quote today.
What Is Homeowners Insurance?
Homeowners insurance coverage is a type of package policy designed to protect homeowners from common causes of financial hardship. It may also be known as home insurance.
The following are common coverages included in a home insurance policy:
- Personal property coverage pays to repair or replace your personal possessions (e.g., sports equipment, furniture) that are damaged or destroyed in a covered loss. Your insurance company may ask you to provide an inventory of your personal possessions to ensure you have sufficient coverage to replace or repair damaged belongings.
- Liability coverage pays for expenses (e.g., legal fees and medical costs) if you’re responsible for causing bodily injury or property damage to a third party.
- Dwelling coverage pays to repair or replace damage to the structure of your home (e.g., garage, foundation) incurred from a covered loss.
- Additional living expenses pays for costs associated with leaving your home temporarily (e.g., laundry, meals) if damage prevents you from staying in it.
Damage to your home from some natural catastrophes, such as earthquakes or floods, are excluded from most homeowners insurance policies. You may consider purchasing separate earthquake or flood insurance to help cover your home from these events.
Do I Need Homeowners Insurance?
Although homeowners insurance isn’t required by law, your mortgage lender may require proof of home insurance as a requisite for receiving a loan. But even if you own your home outright, you may decide that the benefits of owning home insurance (liability protection, coverage for property damage) is worth the monthly premium.
How Are Homeowners Insurance Payouts Calculated?
When it comes to replacing or repairing damaged property, your home insurance policy will typically calculate the settlement amount in one of three ways, depending on the type of property coverage you select, they are:
- Actual cash value (ACV) coverage—This pays for damage to your personal possessions or the structure of your home, up to your policy limit, at its current value (factoring in for depreciation).
- Replacement cost (RC) coverage—This pays for damage to your personal possessions or to the structure of your home, up to your policy limit, at the cost it would take to repair or replace them (without factoring for depreciation).
- Guaranteed replacement cost coverage —This pays for damage to your personal possessions or to the structure of your home, even if it exceeds policy limits, to guarantee their repairs or replacements even if there are unexpected costs (e.g., an increase in material prices).
How Do I Buy Homeowners Insurance?
We pride ourselves in finding our customers the protection they deserve at the prices they can afford. Contact Gene Smith Insurance Agency to learn more about how we can financially protect your Florida home.
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