Getting The Right Insurance for Your Winston-Salem Home
As you know, homeowners’ insurance is a critical component in protecting your home and possessions. But did you know policies and coverages can vary from company to company? To ensure you have adequate coverage, you need to review your coverage with your agent periodically.
Some Questions You Should Ask Your Agent
What is covered with my policy? What is excluded?
For example, flooding is not typically covered with a traditional homeowner’s policy and must be purchased separately. Flooding is the costliest disaster in the US. Low-moderate flood risk areas are responsible for more than 20% of all flooding insurance claims. It is estimated one inch of floodwater can cause as much as $10,000 in damages. And with the increase of over-development, most of us face some level of flood risk.
Does my coverage cover full replacement cost of my damaged property?
Many homeowners make the mistake of assuming their policy covers full replacement costs. But there are policies that are based on actual cash value. A full replacement cost policy covers the repair or replacement of damaged property at today’s costs. An actual cash value policy covers replacement or repair of the property minus depreciation. So, an actual cash value policy will typically not cover the entire cost of replacement.
If you don’t know the answers to these questions when discussing your homeowner’s policy, it may be time to talk to your insurance agent. It also may be helpful to get quotes from multiple insurance carriers to find the best coverage for you at the most affordable price. Make sure to check online reviews as well. A low-cost policy is great, but if the insurance carrier has poor customer service when filing a claim, it may be wiser to go with another company.
And, if a disaster does strike, call the experts at SERVPRO of Lexington/Thomasville. We work with hundreds of insurance carriers and can help you navigate your claim. We will work tirelessly to get your home or business back to preloss conditions. So, give us a call at 336-224-2565 for your free assessment today.
At SERVPRO, we’re here to help.