If you own your home, one of the most important things you will ever purchase is homeowners insurance in Decatur. Home owner insurance policies are designed to give you financial protection for damages that occur to your home, through a natural disaster, poor maintenance and liability should someone be injured on your property. When choosing an insurance policy for your home, there are several options you will need to consider, such as the addition of flood insurance and rather you should choose replacement value or actual cash value.
A typical policy for homeowners insurance in Decatur covers damages from fire, internal flooding and storm damage, such as falling objects. The policy usually covers all structures, including detached structures such as barns, outbuildings, garages and sheds. Although internal flooding is usually covered, such as damage from a busted pipe or an overflowing washer, the majority of policies do not include external flooding. If you live in an area of Decatur that is prone to flooding, such as from a lake, pond or if your home sits in an area where rain water tends to flood, it is recommended that you get flood coverage as an addition to your policy.
When choosing a homeowners plan, you will be given the option of a policy that pays actual cash value or replacement costs. An actual cash value policy means that you will be reimbursed for the amount your home is worth at the time you file the claim. Actual cash value policies take into account factors, such as depreciation, which may reduce the value of your property. This type of policy is typically more affordable than a replace cost policy, but you may have to pay large out-of pocket costs for replacing or repairing damages.
Replacement cost policies mean that you will be reimbursed with the current costs for replacement or repairs. For example, if you have put an addition on your home that makes it comparable in price to a four bedroom home, but your home is considered to be a three bedroom home, you will receive the cost of replacement for a four bedroom home.
Liability coverage is also included in a home policy. Liability coverage protects you against lawsuits should someone, including family members be injured in some way while on your property. You will be given the option of various amounts for liability coverage as well as the option of selecting the best deductible for your needs. Visit ATI Insurance for more information.
A typical policy for homeowners insurance in Decatur covers damages from fire, internal flooding and storm damage, such as falling objects. For more information visit the website or Like us on Facebook.
