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Homeowners Insurance Policy Deductibles and Coverage

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When you first purchase a homeowners insurance policy you have a lot of options. Even if you don't own a home yet, you need homeowners insurance to cover your personal items. For example, if someone breaks into your apartment and steals all your electronics, how will you replace them? You need homeowners or renters insurance no matter what your situation, because you never know what can happen from one day to the next.

Homeowners Insurance Policy Deductibles and Coverage

The first thing to look for is how much deductible you're willing to pay on your policy. If you choose a higher deductible, you'll pay less in premiums. However, if you choose too high a deductible, then you might not be able to pay it if you suffer a loss, so keep that in mind and choose the deductible that's right for you. Some policies may sound like a good deal, but when you look at the amount of total coverage you receive in a loss, they might not measure up. Sign up for just as much coverage as you possibly think you'll need, after adding up personal values of your personal items, combined with the assessed value of your home. If you suffer a dramatic loss, you're going to have to replace everything you own, so make sure you have enough coverage.

Some policies cut costs by not covering certain items. Check to make sure your policy covers guest medical coverage in case a guest injures themselves in or on your property. Look for replacement value rather than depreciation value on your personal property, and make sure you'll be reimbursed if you have to move out of your home during repairs. Most polices cover all of these items, but it never hurts to double check.

Look for a Reputable Insurance Company

Ask friends and neighbors about their coverage if you're not sure who to choose, and check out homeowners insurance policy information online, too. You can search for "complaints" to see if people are happy with your specific company, or you can check the Better Business Bureau in your area to see if they show any complaints in your local area.

A homeowners insurance policy is an important part of protecting your home and its contents, so learn about what policies do and don't cover, take a look at your budget, and then choose the insurance policy that works for you. You can never be too careful when protecting your home and property.

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