Homeowners insurance may not be required by law, but for many individuals, it's their one line of financial protection in the event of a disaster. Considering the level of importance involved, determining the type of policy your Kentucky home needs is overwhelming. However, you can avoid this unnecessary stress by familiarizing yourself with the range and levels of coverage, as well as the available deductibles.
Your 3-Step Guide to Get the Best Policy
Types of Coverage Areas
Before you can find the right homeowner's insurance policy for your property, you need to understand the various options. The most basic coverage, which every plan should include, is structural protection for the main dwelling on the property. This type covers the cost of repairs or replacement of your home, but it doesn't extend to its contents. To ensure that your belongings are also protected, you'll need to purchase personal possession coverage.
Other options include liability, flood, and umbrella. Liability offers protection from legal issues as a result of an injury on your property while flood insurance will cover structural repairs associated with water damage. Umbrella insurance is a lesser known policy type that's designed to further extend your liability coverage and minimize your out-of-pocket costs.
When you've determined the various types of coverage you need, it's time to decide the dollar amount of protection you want. Instead of selecting an overall price for the policy, each coverage area will be chosen separately. For each component of the plan, select an amount that will cover the majority, if not all, of the total costs for those items. When it comes to structural coverage, allow enough for a full replacement of your home, including contractor costs and debris removal.
The final step in choosing the right homeowners insurance policy for your Kentucky residence is determining your deductible. Typically, your insurance company will combine the various coverage types under a single plan, so you're only required to pay one deductible after filing a claim. However, it's still an out-of-pocket expense, so it's important to choose an option that's feasible for your financial situation.
You can get personalized assistance choosing the right homeowners insurance policy by contacting the Harold D. Miller Insurance Agency. Since 1958, they have been serving the home, vehicle, and business protection needs of individuals throughout Ashland and Greenup. The team of friendly insurance agents work to provide their clients with the best policies for their particular situations. Get your free quote today by contacting them at (606) 473-6211 for their Greenup location or (606) 324-1295 for Ashland, and learn more about their options online.