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Home insurance protects you if your home is burglarized or damaged in a storm. It can also protect you if someone gets injured on your property. Insurance companies often customize these policies to meet your personal needs based on your property size, location, and risk. It’s important to understand what your policy does — and doesn’t — cover. The agents at Cundiff & Company Insurance in Somerset, KY, want to go over everything you need to know about your plan so you can make the most of it.

Whether you’re in need of home insurance after buying your first house or you are shopping around for better rates, here are seven things you should know:

  • What the Policy Covers: Most homeowners insurance policies cover both your property and the possessions within if they sustain damage during a storm, fire, or burglary. These plans also offer liability coverage, so if someone gets hurt on your property, you don’t have to cover their medical expenses out of your pocket.
  • Home InsuranceWhat the Policy Does Not Cover: Home insurance coverage varies by region. If you live on a flood plain, your insurance company may not offer flood insurance, meaning you need supplemental coverage. Some policies cover earthquakes while others do not. Most cover damage from hail storms and tornadoes, but exclusions do apply.
  • Steps You Can Take to Reduce Your Premiums: There are steps you can take to reduce your home insurance premiums. Most insurance rates are based on the level of risk to insure the home. Having certain safety features, such as home security systems and working smoke detectors, lowers your premium.
  • Difference Between Replacement Coverage & Market Value: Your home’s market value is how much someone would pay for your home in its current condition. Replacement coverage repairs or replaces some or all of your home’s value following damage.
  • How Much Time You Have to File a Claim: Insurance policies usually place limits on the amount of time you have to file a claim. Find out what these limits are and stick to them.
  • How Your Policy Covers Jewelry: Homeowners may have expensive engagement rings and wedding bands, as well as family heirlooms. Home insurance policies may only cover jewelry up to a certain amount, so you may need supplemental coverage.
  • When You Should File a Claim: Your homeowners insurance may cover more than you realize. Talk with your insurance agent to find out if something damaged is covered. Be wary of filing too many claims, though — your premiums could go up.

The insurance agents at Cundiff & Company Insurance make the process of buying and understanding a policy as easy as possible. In addition to home insurance, they also offer auto insurance, as well as coverage for businesses and contractors. Visit their website or call them at (606) 679-8379 to find the policy that’s right for you.

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