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<p><strong>Courtesy of Jimmie Van Hooser your REALTOR®  - 931-320-2142 </strong></p>
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<h3><strong>5 Things to Know About Homeowner’s Insurance</strong></h3>
<p><br /> <strong>1. Know about exclusions to coverage.</strong> For example, most insurance policies do not cover flood or earthquake  damage as a standard item. These types of coverage must be bought  separately. <br /> <br /> <strong>2. Know about dollar limitations on claims.</strong> Even if you are covered for a risk, there may be a limit on how much  the insurer will pay. For example, many policies limit the amount paid  for stolen jewelry unless items are insured separately. <br /> <br /> <strong>3. Know the replacement cost.</strong> If your home is destroyed you’ll receive money to replace it only to  the maximum of your coverage, so be sure your insurance is sufficient.  This means that if your home is insured for $150,000 and it costs  $180,000 to replace it, you’ll only receive $150,000. <br /> <br /> <strong>4. Know the actual cash value.</strong> If you chose not to replace your home when it’s destroyed, you’ll  receive replacement cost, less depreciation. This is called actual cash  value. <br /> <br /> <strong>5. Know the liability.</strong> Generally your  homeowner’s insurance covers 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 to the amount of  coverage provided. Be sure that it’s sufficient if you have significant  assets.</p>
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