October, 2014

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5 Things to Consider When Purchasing Property Insurance

5 Things to Consider When Purchasing Property Insurance

Here are the Top 5 Things I see folks overlook when reviewing their Northern Virginia Property Insurance Strategy

1. Comprehend your deductible – Many customers who come to me to review their Virginia Property insurance policy recognize they will have a deductible they did not know about or even comprehend. Some Insurance Providers offer schism deductibles meaning they offer one deductible for larceny say $500 but a much larger one for windstorm or tropical cyclone say 5% ( on a home that is insured for $250,000 that is a $11,250 deductible) that is a tremendous deductible and while your premium will be super low. If your windstorm drops a tree in your house you pay the first $11,250.00 before the insurance company pays a dime. I generally advocate high deductibles, but It’s not a great thing when it is a surprise.

2. Be sure to have sufficient Replacement Cost Home Coverage. Many customers simply rely on their representative to let them know how much to ensure your house for. You need to be proactive and use several sources to produce a number. Here are 2 it is possible to use right now.

Recall you do not have to guarantee for the value of the property!

  • Locate your latest assessment and look on page 2 or 3 where they reveal the Cost Approach to Value.
  • Understand any contractors or home builders? Phone one and ask in regards to the average cost per square foot. Gauge your home and do the mathematics. Professional’s Trick the links above for the property appraisal provides you with the above ground square footage of your home. Do not forget to add in the price of completing your cellar. Can you have imported Italian marble floorings or a Viking Range? Likely should go with higher than average number!.

3. Sewer and Drain Coverage- Expands the kind of water that’s insured under your policy I recommend it to everyone. Comprehend exactly what the dissimilarity between Sewer and empty back up and ground water. Be diligent and keep all outdoor drains for your home clear of leaves and debris.

4. Join Virginia Property and Vehicle Insurance to get reductions. Most Virginia Insurance companies provide a discount for combining both coverages. With this specific additional reduction it is possible to frequently use those saving to secure your assets with a Virginia Liability Umbrella Coverage. The savings on combining the coverage frequently lets you pick up this precious extra physical harm and property damage liability quite affordably.

5. Watch out for Jewelry limits. Most Virginia Property insurance policies carry a limit for Jewelry coverage for theft and breakage. Larceny and Breakage will be the actual dangers for your jewelry. A different yearly policy or as an endorsement to your homeowner policy it is possible to add this coverage. You generally only require a complete description of the item or a current assessment. It is not pricey in any way.

Learn the most recent info on Virginia Property Insurance, and getting the best protection in the best cost. The advise is free the selection is yours.

 

photo credit: archer10 (Dennis) cc