Buying a home in Myrtle Beach, SC, is one of the most significant decisions you will ever make. And since homeownership calls for your blood, sweat and tears, you need to invest in home insurance from Benefit Insurance Services to protect your prized asset.
But are you conversant with what to look out for when buying home insurance? Whether a start-up or a seasoned homeowner, below are the things to consider when shopping for a homeowner’s insurance policy.
Types of coverages
Typically, home insurance has dwelling, liability, loss of use and contents coverage. Before drawing your check, beware of the different coverages, what they cover, and decide the ones that suit your needs.
Home insurance exclusions
Home insurance doesn’t cover you against all risks — it has exclusions and exceptions. You must be conversant with what isn’t covered by home insurance so that you can buy add-ons to boost your policy. Talk to your insurance agent and read your policy document to understand what is and isn’t covered by your coverage.
Understand the claim process
Be sure you understand the claim process. What is required to make the process smooth? Of course, you would want a straightforward claim process if a loss occurs so that you can be compensated the soonest possible to repair your home.
Understand replacement value and market value
What value would your insurer compensate you if a covered peril destroys your home? There are two options — replacement value is the amount it would take to rebuild your home to its original state. Market value is the amount your home would fetch in the market, and it usually includes the land.
Think twice about add-ons
Your typical insurance excludes damage from perils like floods, earthquakes, sewer backup, and so on. However, you can purchase add-ons or floaters to boost your insurance policy.
Learn more about home insurance!
Would you like to get more insights into home insurance? Please get in touch with Benefit Insurance Services for more information. Also, you can visit Myrtle Beach, SC to chat with one of our agents.