No two insurance companies are alike. InsurancePM has the carriers to provide coverage for mobile homes, apartments, condos, starter homes and mansions. We will place you with the carrier that specializes in your needs. There are many coverage’s available beyond liability and deductible to choose from. Make sure you know the difference between ACV and replacement cost when comparing the bottom dollar.
Is bundling really the best option? Sometimes, it could cost more! Call 470-601-SAVE (7283) and let one of our licensed agents advise you through all our available options.
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Five most important things to know as you compare Home
1. The rebuild cost and home market value are rarely the same number.
The most frequently asked question people ask is why their insurance is higher or lower than the market value. (What they could sell their home for) Home insurance is designed to pay for the cost to rebuild your home if it's destroyed. The cost also includes the removal of debris and purchasing single items. Builders get a discount when building a neighborhood. The price difference of properly insuring your home is usually very minimal.
Many carriers have their own cost estimator, but you can also check HMFacts and AccuCoverage to make sure you and your agent are in line.
2. Do you have a renter's policy to protect your belongings?
Your landlord will most likely have insurance on the building itself but what happens when a disaster strikes and all your personal property is destroyed? An example we’ve seen is smoke damage from a neighboring unit fire. Just like home insurance, renter’s insurance will provide liability coverage for your guests that may get injured.
3. How much "Stuff" do you really have in dollar amount?
Many people just take a random guess at the value of their belongings. A common pre-fill is 50% of the replacement cost of your home for many carriers. It could be more or less than that. It is up to you to keep record. You can use the Insurance Information Institute's free online software at KnowYourStuff.org to help catalog your household belongings. Some common things that are under insured are Jewelry, Firearms, Silverware, and Computers. It’s worth raising those limits if you are a collector or have a lot invested in the items.
4. Replacement cost coverage (RC) vs. Actual Cash Value (ACV) .
Don’t be fooled by the lowest rate without looking to see if your policy is RC or ACV. Home and auto insurance have the option of Replacement cost coverage which is pricier than actual cash value coverage. With replacement cost coverage, the policy reimburses you to buy a new, comparable item to replace the one that was damaged. Actual cash value coverage pays you the current market value of the item that was damaged or destroyed. Say, for instance, a pipe burst and ruined a 5-year-old TV. Replacement cost coverage would pay for a new TV. Actual cash value coverage would reimburse you for cost of a new TV minus five years of depreciation. In other words, electronics lose value and you will want them replaced. Same goes for Roofs!
5. What’s not automatically included?
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Traditional home and renter’s policies do not cover damage from earthquakes or floods. A separate policy will need to be secured especially if you’re in a high-risk area. GA earthquake coverage is not very common, but flooding is a definite possibility. If you have a home-based business, you’ll need to get a separate policy. For example, if you cut hair out of your house or have clients coming over because you have a tax preparation office in your basement.