Although home insurance may be optional if you don’t have a mortgage, it is really an absolute necessity. Given that your home is likely your most expensive purchase and investment, the cost to repair or replace it after a storm or incident is likely to be unattainable for many. Luckily, insurance is here to help by covering certain incidents up to your policy limits. At Wilcoxon Insurance Inc. in Sioux Falls, SD we understand that insurance can be complicated, so keep reading to learn more about home insurance.
When shopping for a homeowners insurance policy, you’ll want to find one that fits your needs. Generally speaking, the policy you purchase should include enough coverage to do the following:
- Rebuild your home if it is deemed a total loss.
- Replace your personal belongings such as furniture, clothes, jewelry, and electronics.
- Cover the cost of medical bills and legal fees associated with a third-party liability claim that happens on your property.
- Offer coverage to pay for living expenses, also known as loss of use, if your house is uninhabitable after a covered loss.
The cost of homeowners insurance is largely dependent on where your home is located and the coverage amounts that you choose. If you are looking to lower your rates, consider raising your insurance deductible or the amount that you must pay before the insurance company does, bundle your other insurance policies together, and maintain a good credit score.
If you are a new home buyer in Sioux Falls, SD, Wilcoxon Insurance Inc. is here to help with your insurance needs. Give us a call today to learn more about homeowners insurance and the services offered by our team.
