Let’s start off with the acknowledgment that you need home insurance to cover losses on your home and property. It’s also important to protect yourself against liability for accidents that happen on your property. The better your Sandy, UT home coverage, the less you pay if you ever need to file a claim. You might even be required to carry a specific minimum coverage for your home loan.
Coverage and Deductibles
In some cases, your lender decides how much coverage you need based on the amount of your outstanding mortgage. You should consider additional coverage if you are close to paying off your home. Ask our local agents at The Smith Insurance Group Inc. what coverage might be beneficial to you. In general, the amount of coverage in the policy for your house, furniture, and other property increases as premiums go up. If financially feasible, get at least enough insurance to cover your home and belongings.
The deductible is how much you pay out-of-pocket on each claim. It refers to coverage on your home and personal belongings. Although higher deductibles can bring cheaper rates, it is important to make sure you can afford to replace items up to the deductible amount in case of an emergency.
A good rule of thumb is to cover at least 80 percent of the value of your home.
Basic Coverages Available
Whether you own or rent in Sandy, UT, The Smith Insurance Group Inc. can help you understand the different policies available. Each package covers a number of events that can damage your home and belongings.
The three types are fire, windstorms, and protection against theft with medical, property damage, inability and additional living expenses covered as specified.
Check with your The Smith Insurance Group Inc. insurance agency representative once a year to review your policy for any changes you may need to consider. Reach out to us to learn more.