16 May, 2019 0
home on a stack of money, what to know about your home coverage

3 Essential Things to Know About Your Home Insurance

Important things to know about your home insurance policy.

If you’ve just secured homeowners insurance in Los Angeles, California, then you might believe that your work is done.  However, this isn’t exactly the case.  After receiving their policies, homeowners need to review them for key pieces of information.  Here are three of the essential things that you need to know about your home insurance coverage.

1) Coverage Limits

All insurance policies have their limits, and your home policy is no exception.  Your homeowners insurance likely comes with varying limits for different areas of coverage.  For instance, your policy probably places specific dollar limits on things like dwelling and personal property coverage.  Make sure you read through your policy and work with your insurance provider to determine if your coverage limits are high enough to address your risks.  If you need to increase your limits, then your insurer should be able to make these adjustments for a small premium increase.

2) Covered Perils

Many homeowners make the mistake of assuming that their homeowners insurance protects them from every threat that comes their way.  However, there are certain perils and damage events that will not be covered by your standard home insurance policy.  For instance, regular home insurance will exclude coverage for floods, earthquakes, sewer backups, pest infestations, and issues related to home businesses.  To ensure that you are not caught off-guard by a coverage gap, make sure you read through your policy and speak to your home insurer to discover exactly what your policy will cover.  Keep in mind that there are various insurance endorsements and specialty policies that can fill your coverage gaps.

3) Deductibles

Much like your policy includes different forms of coverage, it will also have different types of deductibles.  While it’s important to know the main deductible amount that your insurer will collect when you go to file a claim, you should also know if your policy requires additional deductibles for specific types of claims.  Additionally, if you have supplemental home insurance policies to cover things like earthquake, flood, or windstorm damage, then these policies might not impose a dollar deductible amount.  Instead, they may require a percentage of the claim amount to be covered as the deductible.  Make sure you know all about your various deductible requirements, so you are prepared in the event that you have to file a claim.

These are three things that you should always know about your homeowners insurance in Los Angeles, California.  Do you need help deciphering your home policy?  If so, then contact the team at Fuller Insurance Agency in Southern California.  We are ready to assist you with all your home coverage needs today.

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