Why Learn About Home Insurance?
Because they don’t understand the product, many people think insurance is a rip-off, and it is — if you pay too much or buy coverage you don’t need. Not all homeowners' insurance is created equal. In fact, almost none of it is. There are thousands of different products out there, from hundreds of insurance companies.
Your home is not just your biggest investment, but it's also a big financial risk. Imagine if something bad happens - like a fire, flood, or someone getting hurt on your property. That could really hurt your wallet.
A lot of people find insurance confusing. They know they need it (especially if they have a mortgage), but they don't really get what their policy covers. Some think it's a waste of money if they're paying too much or for things they don't need.
But not all homeowners insurance is the same. There are tons of options out there. How do you pick the right one? Well, with over 60 years of insurance experience between the two of us, Tammy and I are here to help you figure it out.
Understanding Your Coverage:
Your home insurance in Tennessee might not cover every disaster. Things like earthquakes and floods aren't usually covered (you might need separate policies for those). But you do get coverage for stuff like fires, storms, theft, and more.
There are two ways to insure your home: replacement cost and actual cash value. Replacement cost is generally better because it pays to fix or rebuild without considering depreciation. Actual cash value, on the other hand, factors in depreciation, which can be a lot if your home is older.
So, how much insurance should you have? Enough to rebuild your house if it's totally destroyed. You can figure out this amount by multiplying your home's square footage by the building cost per square foot in your area.
Your stuff inside the house is also covered, but there are limits, especially for expensive items like jewelry or computers. You might want to get extra coverage for these.
Also, make sure to have a list (with photos or videos) of everything you own. This helps if you ever need to make a claim.
5 Ways to Save Money:
1. Bundle Policies: If you have car insurance, get it from the same company as your homeowners insurance. You'll usually get a discount.
2. Higher Deductibles: The more you agree to pay out of pocket for a claim, the less you pay for the policy.
3. Don't Insure Land: You're insuring your house, not the land it's on.
4. Review Your Coverage: Make sure you're not over-insured. If you sell something valuable, you might not need as much coverage.
5. Be Smart About Claims: Don't claim small damages as it could increase your rates or even get your policy canceled.
Download our full report- 10 Ways to Save
Is Your Coverage Enough?
Saving money is great, but having enough coverage is even more important. It's about making sure you're protected in the worst situations.
Get the Right Help:
1. Have an insurance specialist check your coverage needs.
2. Use an independent agent who can compare different options.
3. Choose an agent who specializes in homeowners insurance.
We're here to help you get the right coverage and save money. Call us today! 423-292-4142
For more information and tips, visit our website or YouTube channel.
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