5 Things to Know About Homeowner's Insurance

1.     Know about exclusions to coverage: Most insurance policies do not cover flood or earthquake damage as their standard item. These types of coverage must be bought separately and in many cases are expensive.

2.     Know about dollar limitations on claims: Even if you are covered for a risk, you should know about how much the insurer will pay. Most policies have a limitation on the amount paid for stolen jewelry unless items are insured separately.

3.     Know the replacement cost. When your home is destroyed, you will receive the cost for replacement up to the maximum of your coverage. So you should evaluate annually to ensure you have enough insurance.

4.     Know the actual cash value: you will receive actual cash value for many items instead of -replacement cost. That cash value will cost less depreciation.

5.     Know the liability: Many homeowner insurances cover you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit on amount of coverage provided. Be sure that it’s sufficient to cover your potential liability.

I hope this information is useful.

Should you need assistance with any of your real estate needs, please contact

Supreme Manor Real Estate Services 773-881-9224. 

Have a Supreme Day!

Sheila M. Wilkinson-Sanders