Always ask yourself the questions: If your home is demolished, or your valuable possessions are stolen, can you afford to replace them? For most of us, the answer to this question is “no.” One way to be sure you can replace what’s most meaningful and valuable to you is with home insurance. When you are searching for homeowner’s insurance in Tampa Bay, it helps to consider the following four main factors of homeowners insurance:
Premium: The premium is the amount per month you pay for coverage. Some policies give you a yearly quote, while others break it down by month. Whatever you choose, be sure you can afford your premium.
Deductible: Your deductible is how much you have to pay out of pocket when you file a claim. If the damage to your home or the cost of stolen property exceeds your deductible, the insurance should take care of the rest. Be sure your deductible is affordable, for example; a lower deductible may mean higher monthly payments.
The Specific Coverage: Market value and replacement value are two kinds of homeowner’s insurance. Replacement value covers the cost to replace your current home. Market value pays you the cost of your home’s worth on the open market.
Discounts: You may be eligible for discounts on things like installing a security system, but this depends on your policy.
Exclusions: Make sure you find out if your policy covers such events as floods and earthquakes. If you live in a hurricane-prone area, it pays to know what policies you should buy to protect your home.