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What You Need to Know About Homeowners Insurance To Make Sure You Are Covered

Homeowners insurance is a type of insurance policy that provides coverage for your home and personal belongings in case of damage, theft, or other covered events. Here are some things to know about homeowners insurance:

1. Types of coverage: Homeowners insurance typically includes coverage for the structure of your home, personal property, liability, and additional living expenses.

2. Coverage limits: Your policy will have coverage limits, which is the maximum amount your insurance company will pay out for a covered claim.

3. Deductibles: A deductible is the amount you pay out of pocket before your insurance coverage kicks in. A higher deductible can lower your monthly premium, but may result in higher out-of-pocket expenses in the event of a claim.

4. Exclusions: Homeowners insurance policies typically have exclusions, such as floods or earthquakes, which require separate coverage.

5. Discounts: Many insurance companies offer discounts for things like bundling policies, installing a security system, or having good credit.

6. Replacement cost vs. actual cash value: Your policy may offer either replacement cost or actual cash value coverage. Replacement cost coverage will pay the full cost of replacing your personal property, while actual cash value coverage will only pay for the current value of your items.

7. Additional coverage: You may want to consider additional coverage for things like high-value items, identity theft, or water damage.

It’s important to review your homeowners insurance policy annually to ensure that your coverage still meets your needs.

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