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June 2, 2021
Owning a home is a major life milestone. It is also a big investment and responsibility. Naturally, you would want to protect it as much as possible. Don’t treat your homeowners’ insurance as a mere requirement for your mortgage—take it seriously. Here are homeowners insurance tips for millennial homeowners.
Homeowners insurance is more than a requirement for mortgages. It is a type of property insurance that covers any loss or damage to a house or place of residence. This includes loss or damages to furnishings and other assets within the house. Liability coverage for accidents that occur in the home or within the property is also covered by homeowners insurance. However, homeowners insurance does not cover damages caused by wear-and-tear or acts of God. Homeowners insurance is a necessary aspect of homeownership that you will be thankful to have in the event of an unforeseen circumstance that causes damage or injury in your home.
Always compare different insurance providers before settling on one. Compare the price, coverage, and rating. Aside from affordability, you should find a company that meets its claim obligations—the rating will tell you this. Assess your options carefully.
When you start talking with an insurance agent, always ask them for available discounts. Insurance providers offer a variety of discounts, such as for paying the policy in full, if you’re in school if you have never been in a car accident, if you install extra protection for your home, or if you purchase more than one type of insurance from the same provider. Discounts are a great way to save money while staying responsible.
As mentioned earlier, homeowners insurance typically does not cover maintenance issues and acts of God. It’s best to know exactly what the coverage you’re about to get covers. This way, you will know how the policy compares with others, or if it fits your needs, as well as what other insurance you may need.
Your home’s location may require you to get other types of insurance to ensure that you are sufficiently protected from all possible dangers. Depending on your location, you may need insurance that covers various types of natural disasters. Likewise, you may need additional coverage for expensive items like art, jewelry, or electronics. It never hurts to be prepared.
A home insurance deductible is an amount you pay the insurance provider for each claim before the latter their portion of the claim. The deductible may be in the form of a dollar amount, a percentage, or a hybrid of the two. This deductible will be taken from the worth of damages you filed. In some cases, such as for fixed dollar amount deductibles, your deductible may prevent you from filing a claim with a certain (usually lower) amount.
Speak with a trusted insurance agent. Contact Panorama now to know your best homeowners insurance options.
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Panorama Insurance Agency 19302 Citronia Street Northridge, California 91324
