Eight Things You Should Know About Purchasing Home Insurance
1. Home insurance is a necessity
Homeowners purchase insurance to protect their dwelling as well as their personal property. Homeowners insurance also covers liability if something should happen to another person.
2. Decide the type of coverage you need
The better and more complete your coverage, the less hassle and expense you will have to endure should a disaster happen. Policies with better coverage come at a higher premium price, but it’s worth it for what you get in the long run.
3. Compare deductibles
The deductible is the amount of money you will have to pay out of pocket for a covered loss. The deductible you choose will affect your premium. (Minimum deductibles may apply.)
4. Actual cash value
Actual cash value is the amount it would cost to repair or replace covered property after depreciation is deducted.
5. Ask about discounts
Alfa® offers a discount for having both your home and auto insurance with us. We also give discounts for security alarms, fire extinguishers, and smoke alarms.Also, claims free and new home discounts may apply.
6. Basic coverages available
Different types of home insurance policies are offered to policyholders to protect your home and your belongings. Each policy protects against events that can cause damage to your property. Additionally, each policy usually contains four additional types of coverage: property damage, additional living expenses, personal liability and medical payments.
7. Read your policy carefully
A home insurance policy is a legal contract. It clearly spells out the rights and responsibilities of each party. You will be given a copy of your policy. You should read the policy and be familiar with what is expected of you, and what you are entitled to as the insured.
8. Review your home insurance needs every year
Check with your Alfa agent annually to make sure that your insurance policy adequately meets your needs. If you have made an addition to your home, you might need to consider increasing your coverage amount.
*This is not an insurance policy. It is intended only to provide a general description of Alfa Insurance® and/or its product lines and services. An actual policy contains the specific details of the coverages, conditions, and exclusions. Alfa Insurance is a federally registered trademark of Alfa Corporation® .