Do you have an adequate amount of insurance coverage for your home and belongings? Learn more about getting the right amount of coverage to protect you in the event that your home and belongings are damaged or destroyed.
Homeowners insurance policies may vary in coverage. They usually pay varying amounts of coverage to replace your home and personal belongings in the event of a covered loss.
The following are additional endorsements and assistance that may be applicable to your basic homeowners insurance:
- Personal Property Replacement Costs
An important factor to consider when shopping for your homeowners insurance policy is “actual cash value” vs. “replacement cost” coverage. Countrywide Insurance Services, Inc. recommends the Personal Property Replacement Costs endorsement for your personal property, rather than actual cash value.
- Deductible Option – Flexible deductibles. You may select a deductible of up to $1,000 or an amount equivalent to one-half percent of your home’s insured value. The deductible is the loss amount that is the homeowner’s responsibility. Depending on the type of policy coverage, higher deductibles can carry lower premiums, so contact our insurance specialists at 1-888-878-8875 to find out what your deductible options are.
- Extended Replacement Costs (also known as Additional Replacement Costs) – This covers a certain amount above the policy limit to replace a damaged home. This is designed to protect the policyholder after a major disaster when the high demand for building contractors and materials can push up the normal cost of reconstruction.
We also recommend inflation protection. This clause or endorsement can annually adjust the homeowners insurance policy to account for increases in rebuilding costs, as determined by the industry's inflation statistics, in a situation where there is a loss.
