Home Insurance Boston: Understanding Your Options

by | Nov 30, 2013 | Insurance

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As a homeowner it is your responsibility to have Home Insurance Boston. If you are a homeowner for the first time chances are pretty good you do not know that much about homeowner’s insurance. After all, why would you know much about homeowner’s insurance if you have never had it before? When you are shopping for homeowner’s insurance from a company such as Sawyer Insurance Agency Inc. it is important for you to be proactive. You want to read over the policy to make sure that your home is covered if a disaster were to occur. There are actually a few terms that you need to familiarize yourself with in order to fully understand Home Insurance Boston.

Actual Cash Value Coverage

If you have a policy that offers actual cash value this just means that your insurance will give you a check for what the items in your home were worth before they were destroyed. This does not include the cost of replacing all of them.

Declaration Pages

The declaration pages are the annual statements that your insurance company uses to outline your coverage as well as your premium. You should keep this statement in a safe place.

Full Replacement Coverage

If your policy has full replacement coverage your insurance company is required to pay to replace and rebuild everything without deduction. Full replacement coverage should yield an individual 10 to 20 percent more than what they would get with actual cash value coverage. In order for your Home Insurance Boston to cover the items in your home if they are stolen, lost, or destroyed you need full replacement coverage.

Guaranteed Replacement Coverage

Most insurance policies come equipped with limitations. Even if the damage exceeds the limitations on your policy, this coverage means that the insurance company has to pay to replace and republish.

You have to understand that even if you have guaranteed replacement there are limitations. You are only going to get 20 percent more than what the home you had was worth. This would be the value you originally insured the home for. Your coverage does not just apply to the actual structure it also applies to the contents within as well. Visit Sawyer Insurance Agency Inc. for more details.

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