Here are five important things to know about homeowner’s insurance:
- Coverage types: Homeowners insurance typically covers four main areas: dwelling (your house), personal property (your belongings), liability (legal responsibility for injuries or damages to others), and additional living expenses (if you need to temporarily live elsewhere due to damage to your home).
- Deductibles: Your deductible is the amount you pay out of pocket before your insurance kicks in. Higher deductibles usually mean lower premiums, but it’s important to choose a deductible that you can afford if you need to make a claim.
- Coverage limits: Your coverage limit is the maximum amount your insurance company will pay out for a covered claim. Make sure your coverage limits are sufficient to cover the cost of rebuilding your home and replacing your belongings.
- Discounts: You may be eligible for discounts on your homeowners insurance, such as a multi-policy discount (if you have other policies with the same insurer) or a home security system discount.
- Review your policy regularly: It’s a good idea to review your homeowners insurance policy annually to make sure your coverage still meets your needs. If you’ve made any major changes to your home (such as a renovation), you may need to update your coverage accordingly.
Vacant Homes
If you have a home for sale in Exton, Downingtown or Chester Springs PA, it’s important to know about Homeowner’s Insurance as it relates to vacant houses. If you are a Seller who has moved out before you find a Buyer, your home may be vacant for a period of time. Special homeowners insurance may be required, and it’s important that you check with your insurance company. Many policies contain a special clause about vacancies that take effect if the homeowner is absent for a specified period of time. With Homes for Sale in Exton, the reason for this clause is that unoccupied homes are at greater risk for break-ins. Also, problems like broken pipes that go unnoticed can grow to be much larger claims without the notice of the homeowners. Penny-wise is pound-foolish in this case. Check with your insurance company for details specific to your home for sale in Chester County.
