If you own a home in Scotia, NY, you have some amount of homeowners insurance in place. When is the last time you reviewed your coverage to determine if your policy meets the risks or potential for financial loss associated with your home? If has been awhile since you have performed an evaluation of the insurance protection for your Scotia NY home, an independent agent for the DePaulo Agency can help you get up-to-date.
Understanding what your homeowner’s insurance covers and what amount is appropriate are an important aspect of owning a home. Disaster can strike at anytime. Without an adequate amount of insurance in place to cover you from financial loss to your home can leave you having to come out of pocket to make necessary repairs or pay bills associated with any resulting injury or illness.
What is Homeowners Insurance?
Homeowners insurance is designed to provide you with the means to be made whole if you face a financial loss. A financial loss is a reduction in value that occurs when some insurable event happens to your homes, such as a fire, theft, vandalism, or any other occurrence that is not intentional but accidental in nature.
Determining How Much Homeowners Insurance is Appropriate
The State of New York’s Department of Financial Services suggests that the best way to determine how much insurance you need is to have a valuation of your home. It is important to know how much your home is worth since it is this amount that represents the amount of risk you are subject to when a loss occurs.
The replacement value for your homeowner’s insurance is determined by its value, less the deductible paid. The deductible represents the amount of risk you are willing to take on about the insurable amount you are covered for. To determine if you have enough insurance, as well as the correct type, work with an independent insurance agent of the DePaulo Agency.