Rick Case Insurance Agency Blog
The fine print of your home insurance plan discloses how much you’ll actually be compensated if your house is devastated. In other words, it’s where you’ll see the hazard coverage limits and the disbursement to be implied. Knowing this, when was the last time you conducted an assessment of your financial situation and have your insurance checked? Now, in this article, you’ll know the significance of home insurance checkup to ensure that you and your family are receiving the right insurance rates and policies you can afford.
Understand Your Policy’s Limits
It would be helpful if you’ll be aware of the three types of home insurance based on coverage limits to find the right one suitable for your needs:
Actual Cash Value
ACV is the market cost of your building, excluding any depreciation. With this, you need to be aware that the insurer won’t be able to cover the total cost to reconstruct your home with exact new materials because certain features of your structure like plumbing or floorboards are subject to depreciation.
Replacement Cost Value
This premium, typically called RCV is pricier than the ACV. But, this type of policy can cover all the costs to reconstruct your structure at the recent prices for materials and labor. Take note: the coverage still depends on what the insurer can offer.
Guarantee Replacement Cost
GRC or Extended Replacement Cost (ERC) is the most costly home insurance premium. But, the good thing about this is that the insurer guarantees a specific percentage beyond your policy’s limits to re-erect your home. This is an ideal option to get to be prepared if there’s a regional mishap like wildfire. It will significantly help you with labor cost and acquiring building materials.
Why Home Insurance Checkup is Necessary
Your home insurance policy checkup can bring any of these outcomes — big or small changes. It’s a way for you to assess your plan based on your financial situation. Also, it’s an ideal method to save money because you know that you’re not overpaying for the coverage. The significance of home insurance review can provide you the answers to these questions:
Take note: An annual home insurance review is an ideal way for you to ensure you’re adequately covered.
One More Thing Before You Go
You deserve to have the best protection for you and your family. Get the best home insurance offer from a reliable insurance company now.
At Rick Case Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (405) 722-5556. Get your free quote today by CLICKING HERE.