The three most important aspects of home insurance are how much you should insure your home for, what types of coverage you need, and how much you'll pay out of pocket if you file a claim. Consolidated Agency, the leading insurance agency in Rochester, NY, discusses these three aspects and offers tips for dealing with each of them. Since 1988, they have offered invaluable guidance to homeowners throughout Upstate New York, and reminded clients that the most important thing is to protect your investment by always insuring your new home.

Tips on the Most Important Aspects of Home Insurance

Insure Home to Full Value

Insure your home for its full value, not just your outstanding mortgage amount. Should a disaster strike and render your home uninhabitable, you will want to repair or rebuild. Depending on your circumstances, this could cost considerably more than the outstanding loan value. To find out how much dwelling coverage you need, ask a local builder to give you an estimate on the cost to rebuild your home from the ground up. If you are insured for this amount, you should be safe; if you are not, you should revise your coverage.

Include Important Coverage Types & Riders

Purchase all of the coverage you need to protect your dwelling, its outbuildings and structures, and the contents of your home. To be safe, in addition to dwelling coverage, you should buy personal property insurance, additional structure coverage, and riders for expensive personal items, like jewelry, artwork, and collectibles. You'll also need to buy a rider for flood (or earthquake) insurance if you are in an area vulnerable to these types of perils, as most insurance policies don’t cover them.

Understand Deductibles

Many people believe their home insurance deductible (or the amount you pay out of pocket before your insurance company starts contributing), is a flat amount, as it usually is with auto insurance. However, with home insurance, your deductible is often a percentage of your coverage amount, and this percentage can vary between 1% and 15%, depending on the type of claim (storm, fire, vandalism, etc.). Discuss your deductible amounts with your insurance agent to make sure you understand how much you'll pay out of pocket if you file a claim.

Consolidated Agency, the most experienced and trusted insurance agency in Rochester, NY, can help you understand these important aspects of home insurance and will offer guidance if you need auto, business, or liability insurance as well. Visit the website for contact information, or call (585) 467-4110 to discuss your insurance needs with a friendly professional.