If you’re a homeowner, you may be looking to save a bit of money each month by lowering the cost of your home insurance. Perhaps there are some additional aspects of your policy that can be dropped to mitigate premiums. As you work out these assessments, how do you determine what matters most?

The Bare Essentials of Home Insurance

Repairs or Total Losses

The amount your home insurance policy will pay out in the event of a total loss should reflect the value of your home and other structures on the property. This level of coverage is often required by the mortgage company, so the balance of the mortgage can be repaid.

If you are displaced from your home during repairs or a rebuild, Loss of Use will pay for a percentage of your hotel, meals, and general living costs based on the value of your insurance policy. While this plan isn’t always required, it will be invaluable during a worst-case scenario, as hotel bills quickly add up to the cost of a second mortgage.

Your Valuables

Not all claims will deal with home repairs. Home insurance will also address the contents of your home in the event of a fire, natural disaster, or a break in. It is generally believed that your possessions should be covered at 50-75% of the value of your policy. Depending on your home and the age of its contents, you may be able to adjust this accordingly.

Liability

To safeguard yourself against a legal mess, a home insurance policy that includes both personal liability and medical payments is a must. Homeowners are responsible for ensuring their home and property are safe for visitors. If you happen to have a dog who bites someone or a visitor slips on your steps during a heavy Wisconsin snowstorm, the victim can file a suit against you for damages and medical bills.

If you’re ready to get the necessary home insurance coverage, Edwards Insurance Agency in Sparta, WI, has been providing residents exceptional service for nearly 100 years. From property to boat insurance, this company offers a range of policies and plans to suit your needs and your budget. Get in touch via their website or call (608) 269-4512 to speak with a representative today.