In all the excitement of purchasing a new home, the wording on a homeowners insurance policy is easy to ignore. However, neglecting to read and understand the terms and conditions of home insurance can come back to haunt a homeowner later. While a home insurance policy may be intimidating due to its size, insurance companies make every effort to ensure they are written in language the average homeowner can understand. To make the process even easier, attentive agents are always available to answer questions and guide new home owners in choosing a Homeowners Insurance Policy in Wellington OH that will meet their needs.
One of the most important parts of a Homeowners Insurance Policy in Wellington OH is the exclusions. Homeowners need to carefully review these pages so they know exactly what their policy will not cover. New buyers who don’t examine the exclusions to their policy are often surprised when they file a claim, only to learn the event is not covered by their policy. In some cases, a rider might be available to cover events that aren’t typically included in home insurance to give a family more peace of mind.
Instead of blindly purchasing a policy just to meet the requirements of the mortgage company, home buyers should work with their agent to choose the optimal limits for their coverage. Although first time buyers often assume that they need to be covered for the purchase price of the property, the formula is actually a lot more complicated. In fact, when a family buys a house, they also buy the land the house sits on and that won’t need to be replaced if the home is a total loss. It’s important to recognize the difference between replacement cost and the market value of the home. A builder can assess the structure and help a homeowner determine how much it would cost to replace the house on the same land.
Before closing on the loan, buyers should visit sites such as to learn more about the insurance that will cover their house, their belongings and protect them from liability if someone is hurt on their property. You can also visit their Facebook page for more information.
