Home Insurance Limits

​As the cases of Coronavirus disease 2019 (COVID-19) are ballooning all over the world, most people are staying in their homes. It is important during this time that you ensure you are covered with home insurance. 

Introduction to Home Insurance
Home Insurance covers and procures economical protection from casualty and loss. As a result of disasters, theft, and accidents, and other assets in the home. And protects the property or establishment from detriment claims.

Is this a Good Investment?
There are three basic levels of coverage to ensure that it is a good investment, aside from compensating the destruction and damage to a residence's interior and exterior. 

Here are the three primary levels of home insurance coverage:

• Actual Cash Value - actual cash value (ACV) is the average amount of the property or establishment that has been damaged or stolen.
• Replacement Cost -  the amount of money it would borrow to replace your damaged or destroyed home with the same or similar home.
• Extended Replacement Cost - it is an upgrade of your standard replacement cost and claim settlement terms.

Four Vital Coverages and Protections
During this pandemic, it is not easy to manage and to rebuild your home without insurance products. The length of these coverages may differ from every state.

These four coverages might be the answer and life-saver:

• Structure of the House - covers the expenses of rebuilding the house of the owner in case of an accident, destroyed by lightning, or other disasters. A standard policy will not pay for damage caused by a flood and earthquake.
• Personal Belongings Protection - all assets inside the house and other personal items are covered in unexpected circumstances, such as theft, destroyed by fire, disaster, and other factors.  
• Liability Protection - compensates and protects the owner against lawsuits for physical injury and property damage to other people. The owner's family also are covered in this coverage.
• Additional Living Expenses (ALE) - it pays the different costs and other expenses of living away from home. Such as food, tolls, and other bills. 

The coverage limit of this is separate from the actual cash value agreement.  The company will still reimburse the full cost of rebuilding your home up to the policy limit aside from ALE.

Conclusion
With the fast-changing phases of the world, the value of home insurance nowadays is undeniably essential. Investing is not losing something at the moment but winning great things at the right moment.

At Howe Insurance Brokerage, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (435) 674-8771. Get your free quote today by CLICKING HERE.