Property Insurance





Property Insurance:

Your home is the single highest purchase and your biggest asset that you will ever have in your life. Do you really know if your home insurance in Augusta and Evans is properly protecting it?
If your home caught on fire, a thief broke into your home, or a winter ice storm came through your area, would you know that your home and belongings were properly covered?

There are plenty of companies that will insure your property, you may have even just signed up with a company just to get the mortgage through your bank for your home. But did that insurance company really analyze your coverage’s to see what best fits you and your family or did they just sell you a policy?

Home insurance in Augusta and Evans can be confusing if you don’t understand what you are purchasing. Here are some major coverages that you need to be aware of when reviewing your property insurance policy.

Replacement Cost vs Actual Cash Value Coverage or RC vs ACV:

Replacement Cost Coverage: This states that if your home, personal property, or other structures that are not attached to home your home is damaged as the result of a covered loss, then if you replace the item(s), you will get full market value for the item(s). Also if you home becomes a total loss this is the coverage that will replace the home at its policy value.

Actual Cash value: This states that if this coverage is present that you will get the market value of the item that was damaged in a covered loss minus depreciation for the age or wear an tear of the item(s). This coverage is also the default coverage if you have item(s) that is covered at replacement cost but you do not replace the item(s).

Other major coverages for Homeowners Insurance:

Dwelling Coverage: What an insurance company determines that the coverage on your home should be, if there was a total loss to your property.
If your home is insured at replacement value, then this value can be higher than what your home’s real estate and appraisal value is worth. This is because of the cost of demolition and reconstruction.

Personal Property Coverage: This coverage is in place to cover all of the loose items that you put into your home. These items include but are not limited to, clothes, electronics, purses, luggage, children toys, furniture, and many other items. You want to make sure that these items are covered for replacement value.

Other Structures Coverage: Other Structures Coverage covers any structure that is not attached to the main dwelling of your property. These times include but are not limited to storage buildings, privacy fences, swimming pools, hot tubs, detached garages, detached decking, fire pits, and many other items.

Medical Payments Coverage: This coverage is to cover you if someone gets injured on your property and you would like to cover a portion of their medical bills.

Liability Coverage: Liability Coverage covers you incase someone gets injured on your property and you are help liable for the injuries they sustained. This coverage will allow the insurance company to defend you and your family in a lawsuit resulting from the injuries sustain by someone else on your property.

Scheduled Personal Property: There are limits on a Property Policy for jewelry, watches, furs, gun, antiques, rugs, and many other items. Scheduled Personal Property Coverage insures your most valuable items at their appraised value.

At Felder Enterprises, we would like to discuss with you what concerns you the most with your home Insurance in Augusta and Evans and make sure that you have the proper protection, so that you and your family can sleep sound at night.

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