There's no doubt about how indispensable our homes and property are to us. It goes beyond the structures; there are valuable items, documents, home interior finishes, and memories invested in our homes. Sadly, as much as we realize the importance of insuring our homes, very few people understand what their premium covers and how it works. A basic insurance package usually covers your home but excludes some risks for which your premium doesn't cover. Continue reading to find out additional coverages you should include in your home insurance premium.
Home Insurance Premium Payments
Depending on your service provider, there's a level of flexibility you can achieve with your premiums.
Weeks insurance has flexible premium payment options you can utilize. A flexible premium payment could be a semi-annual payment, annual payment, or monthly payment of a part of your premium all through the year. No two home insurance firms have the same cost for premiums, but you should expect that the more your home is worth, the higher the premium.
Understanding Home Insurance Premiums
It isn't hard to figure out how home insurance premiums work. It all starts with your service provider inspecting and evaluating the worth of your home. The essence of this examination and evaluation is to determine what's a reasonable premium they should charge you for your home insurance.
Nevertheless, it gets a little complicated to find out that your standard policy exempts some coverage. This exempted coverage could be paid for as additional coverage in your premium. The truth is there are some losses that your premiums would never fully cover, and the insurance firms don't want to take the fall when you don't get coverage for those risks. It is wise to enquire clearly what your premium does and does not cover.
Additional Coverage Options
Additional coverages are extra costs you add to your policy to ensure that exempted risks in your standard package are included in your premium. Let's take a look at additional coverages versus various basic home insurance policies.
| S/N |
Various Basic Home Insurance Policies |
Various Additional Coverages |
| 1 |
Personal liability protection |
Special personal property protection |
| 2 |
Personal property protection |
Overflow/sump pump discharge/water back up |
| 3 |
Loss of Use Protection |
Personal articles floater |
| 4 |
Dwelling coverage |
Content replacement cost |
| 5 |
Other structures protection |
Valuable jewelry items |
| 6 |
|
Extra replacement cost protection coverage |
| 7 |
|
Green home coverage |
| 8 |
|
Identity fraud |
The above table lists basic coverage and additional coverage options. It is important to note that each additional policy stands alone. When it comes to choosing a basic home insurance policy as well as additional coverages, you're better off choosing additional coverage for the most likely risks and choosing a basic home insurance policy that covers the most important risks.
Home insurance can look easy but many details can be a bit confusing to someone not in the industry. If you want to learn more about home insurance,
contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California. We are ready to assist you with all your coverage needs today.
