When it comes to making sure that your home and family are safe and sound, few things are as important as choosing the right insurance plan. About six months ago, my home burned to the ground, and without the right insurance plan, we would have been toast financially. Fortunately, because we had prepared properly, we didn't have any problems when it came to making sure that we could rebuild our place. This website is here to help anyone who might be struggling with which insurance policy to choose. Check out this blog for great information on finding the perfect policy.
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Having a home that's surrounded by trees can provide a number of benefits. The added shade protects your roof and siding from premature aging and fading while also reducing your energy consumption (especially in the summer). And when it comes to entertaining, you're free to have outdoor gatherings with friends and loved ones without having to slather on the sunscreen.
But when weather turns ugly, these trees can become a liability as well as a benefit. Read on to learn more about some factors you'll want to consider when purchasing homeowners' insurance for your heavily-wooded property.
What Would it Cost to Rebuild?
In an effort to keep insurance costs down, many homeowners tend to underestimate the cost to rebuild. But if your roof or the side of your home is destroyed in a tree-related accident, being underinsured for rebuilding costs can leave you facing an expensive problem. The longer the interior of your home is exposed to the elements, the more quickly it will sustain permanent damage—and if you can't afford repairs, even with an insurance payout, your home may quickly become a total loss.
Instead, consult with your insurance agent to see what an appropriate cost to rebuild would be, and ensure that your insurance fully covers you for this amount. You may even want to inflate this price a bit so that you'll be protected in situations like tornadoes or other natural disasters. When multiple homes in an area are in need of repair all at once, contractors will often first go where the money is, which means that having adequate insurance for this possibility can put you to the head of the line.
How Are Repair or Rebuilding Payments Disbursed?
Some homeowners unfortunately don't realize—until it's too late—that their policy provides for the replacement cost of certain household items only after they're replaced. This can mean that you'll have to shell out cash for new clothing, electronics, appliances, furniture, and other items before you're eligible to seek reimbursement from your insurance company. And with the price of a new refrigerator, washer and dryer, or dishwasher ranging from hundreds to thousands of dollars, this requirement could put a major strain on your wallet while you're already under serious stress.
Before you sign onto a homeowners' insurance policy, carefully look at the reimbursement policies and timelines. You may find it's well worth your while to go with a policy that provides pre-replacement payment for damaged household items, even if the premium cost is a bit higher than you'd pay with a reimbursement policy.
For more information, contact an insurance agent with a company like Bishop Insurance Agency.
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