What You Should Know About Coverage Limits vs. Special Limits
From 10-15 percent of American homes lack proper insurance coverage. The fact remains there are a lot of people who do not bother to make sure they accurately value their home for insurance protection, or that their insurance is on pace with the current level of inflation.

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The Belief, a Home Will, Never Suffer a Loss

Many people cannot imagine their home suffering a total loss from an accident or an act of nature. Losses happen, and lives can become devastated. A residential fire occurs approximately every 82 seconds in America. For those without the proper insurance, reconstructing their home can create a huge out-of-pocket expense.

There are also numerous people who may believe that adding additional home insurance coverage can run up the expenses. The proper coverage can help ensure peace of mind for individuals and their family. We think there are five ways that you can make sure your home has the needed insurance to cover its actual value.

  1. Make sure your insurance agent has precise and accurate information about your home’s size, features, and layout. A home’s uniqueness can add value. The more information your agent has, the easier it is for them to make an informed decision concerning your coverage needs.
  2. Homeowners should also review their policy with an agent regularly. The experts recommend at least once every three years. Your coverage should be able to keep pace with inflation.
  3. Find the coverage gaps and close them. You can opt to purchase repair cost and replacement protection. If there is a loss concerning your home, the payout can increase on your behalf.
  4. When remodeling your home, plan to increase its coverage. Your insurance agent can review all your remodeling efforts and suggest new coverage as needed. Remodeling tends to improve a home’s value significantly.

Medical Payments and Liability Insurance Coverage

Your medical coverage should be able to cover hospital bills and those of any guest who may injure themselves in your home. If there are not a lot of property assets and other investments, it may be okay to go with lower liability coverage limitations.

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We offer affordable reliable insurance choices tailored to fit your specific needs.

Additional insurance can cover contingencies like floods and earthquakes. A standard policy may not cover floods, mold, or other natural disasters. Check with your agent for policy add-ons or floaters.

Your homeowner’s insurance requires specific information:

  • The policy, of course, needs a home address.
  • An insurance appraisal could help determine the value of a home’s rebuild if there was construction or damage. Such an appraisal can result from hiring an appraiser, contractor, roofing company, or home builder to appraise different parts of the home. Consider any previous notes taken by former insurers. These can be helpful in considering new or enhanced insurance coverage. Have your insurance agent pull together all past insurance coverage. There could be information that helps determine a host of coverage considerations going forward.
  • Let your insurance agent know if any mortgage lender requirements require additional coverage. Coverage may include an add-on for flood and water backup coverage.
  • Consider, as well, who will live in the insured home. Will you occupy the house as a primary or secondary residence? An insurance agent can offer advice and suggestions if the occupant uses it as an office or residence. There may be instances where you can maximize home insurance deductions. Such deductions can differ between a rental or residential property.

Home Location Matters

The location of your home is just as important as size, type of construction, and its overall condition when considering insurance coverage. It is possible for insurance companies to skip certain considerations like time of commute and nearby restaurants. How close is your property to a fire department? Proximity to fire hydrants can also play a role in determining the value of a home. Is your home located near the coast? If so, your insurance coverage may be higher. Proximity to the coast may require an additional hurricane or windstorm deductible.

Call for a free no obligation quote.  (843) 537-5407

Flood Insurance Considerations

Flood insurance may not be a bad idea, even if you think you may not need it. Many homes are not covered by flood insurance. However, there are several sources to consider that include the federal government’s National Flood Insurance Program. Specialty insurers can also advise about their insurance coverage policies. Close to 90 percent of all disasters include flooding.

Earthquake Insurance Plans

California homeowners are usually the ones to have the most earthquake concerns. The fact remains that close to 40 states experience earth tremors. The cost of insurance varies by location and the type of structure that needs insurance coverage. The age of the structure is also a factor. A hot tub or swimming may also require liability insurance coverage. Your liability insurance may cover court costs as well if anyone experiences an injury.

Your mission as a homeowner is to protect yourself with proper homeowner coverage. We can assist. We are a second-generation insurance agency that offers full-service protection. Our service options cover home, auto, business, life, and farm. We know the importance of creating trust with our clients, and we strive to offer the very best coverage for individuals and businesses. We have 37 years of having served clients in South and North Carolina.