When the rigorous search for your dream home is over and you can finally settle down on your couch and admire your domain, thus begins a new chapter. Your home has now become your investment and you must care for it, add to it, increase the value and prep it for the moment you move out.
You may find that Home Depot becomes your new hang out spot and that all of a sudden, you have become the DIY Master, a painter, a landscaper, slowly but surely manicuring this place which will eventually safeguard damage to the property in the long run.
#1 is acquiring homeowners insurance. This standard practice is a must, because if you find yourself without it after experiencing property damage, you will be in a tough spot. Policies are agreements with a multitude of elements and complicated subcategories that cater to many needs. Luckily, there are plenty of companies out there that go out of their way to simplify the problems for you, do away with contract jargon and actually want to help you.
When evaluating your policy, be sure that you understand certain term like that of a “deductible.” The deductible is the way policyholders and insurers share the cost of the coverage. It is the amount you, as the homeowner, needs to pay before the insurance claims or reimbursement can be made. If you pay a high deductible, you pay lower monthly premiums.
You must also understand that of liability insurance. Most policies have a liability factor that protects you and your family from legal claims as a result of injuries that may occur on the property. This takes care of the medical cost, compensation and all legal fees accrued during these troubling time.
Among the lingo is that of an “umbrella policy.” This provides additional liability coverage which is a helpful dose of protection against lawsuits that can come about from damage to people’s property or an injury.
It’s worth taking the time to do your research and understand the terms written in that fine print. These policies are carefully crafted. No word or nuance was overlooked. And it’s all designed in a way to cater to your needs.
It is always wise, however, to consult a licensed Public Adjuster to ensure that you are interpreting your policies correctly. Reach out to us any time if you need a consultation.