If You Have A Mortgage You Have To Have Homeowners Insurance

If you own a home and still have a mortgage, your lender is going to require you to have homeowners insurance Monticello, NY. They want to know if the structure burns to the ground they will get their money back. Some lenders will have the insurance company send them the bill for your insurance and just add the premium to your monthly payment. In other cases you are responsible for purchasing the insurance and providing your lender with proof of coverage.

But you want homeowners insurance Monticello, NY that will cover more than just the structure. You have a lot more than that invested in your home. Homeowner’s insurance can provide coverage for everything that is on your property from outbuildings to landscaping. It can be a bit daunting and tricky to figure out the values for everything you want covered. Your homeowners insurance can also provide coverage in the event you can’t stay in your home after a loss. It will pay for the additional cost to live somewhere else while your home is being repaired. And in addition to the physical things you can put a value on you also want to have liability coverage.

When determining what the actual structure of your home is worth you need to be pretty precise. If you look at your insurance policy you may notice some mathematical equations. If there is a loss this is the formula that will be used to determine what the insurance company will pay. If you over estimate or underestimate the value of your home you could be penalized. And you may be asked if you want your home insured for actual cash value (ACV) or replacement cost. These two terms are pretty self-explanatory. Picking what it would cost to rebuild would likely save you money in the event of a loss.

Your liability coverage in your homeowners insurance Monticello, NY will protect you in the event someone is injured on your property. It will also come into play if an injured party decided to file a lawsuit.

The most important person you can have on your side is your insurance agent. Find a personal lines insurance agent to discuss the types of coverages that will best fit your needs. Your agent will know what questions to ask you so that you will be covered with no surprises in the event of a loss.

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