Why Get Home Insurance?
Even though home insurance isn’t required in Kentucky, unless required by your mortgage or lender, you should still have it. Your home is likely one of your most significant financial investments, and it’s also the most vulnerable. It can be subjected to many types of natural disasters and vandalism, and you can be held liable for any injuries that occur on your property. Homeowners insurance will help minimize some of these risks and protect your assets. If you are required to get insurance from your lender, then you may not be required to get coverage for personal property. However, you should consider it because many times it protects your belongings, even if they aren’t in the home.
What It Covers
In Kentucky, Many policies will come with some personal liability, so that if your dog bites someone or someone trips up your stairs, you are covered. Your insurance can pay for medical bills and other damages. Your policy will also cover the structure of your home. So, if a tree falls on it, you can pay for repairs. Your personal belongings are also covered. There are limits on certain valuable pieces, such as art, so speak with your agent at D M Fleitz and Associates Insurance Agency to find the policy that covers the belongings you want.
What Should You Know about Home Insurance?
Deciding on replacement cost or actual cash value can make a difference in what you get if your home is damaged, and it can also make a difference in the price of your policy. Replacement costs are the amount it would cost to replace or rebuild your home with similar materials. Actual cash value is the amount it costs after depreciation. Your home should be insured for 80% of the replacement value. You should note what your policy includes. Many will cover fire, windstorms, and theft, but won’t cover items like floods. It’s important to read your policy carefully so that you know what to expect. Review your coverage yearly to make sure that you have adequate coverage. If you have made any changes to your house, you will want to update your coverage.
Contact D M Fleitz and Associates Insurance Agency to get a quote on home insurance.
