4 Things You Should Know About Home Insurance

Whether it’s a new house or you have already settled your mortgage, you need home insurance from Wai Cheng Insurance Inc. of Bay Area, CA for optimal protection. While most homeowners recognize that home insurance is vital, most don’t understand what it covers and its exclusions. Thankfully, when you partner with a knowledgeable insurance agent, understanding home insurance becomes a simple topic to digest.

Before purchasing home insurance for your home, here are four things you should have in mind to make an informed decision.

Home insurance covers more than one area.

Home insurance is designed to cover homeowners against various risks. Home insurance protects your home from damage or loss against:

  • Theft
  • Vandalism
  • Lightning
  • Hail
  • Windstorms
  • Fire or smoke

Besides perils, home insurance offers coverage in the below areas:

  • Liability protection
  • Medical payments
  • Additional living expenses (ALE) coverage
  • Personal contents coverage

As you can see, home insurance deploys a multi-dimensional approach to protect homeowners.

Not everything is covered.

While home insurance covers most perils, it won’t protect you against damage from floods and earthquakes. Additionally, home insurance provides limited coverage to high-value items like fur, cash, jewelry, and guns. If you have unique considerations, talk to your agent for separate insurance policies.

Update your home insurance often.

How often should you update your home insurance policy? As a rule of thumb, you might want to relook at your home insurance policy every year. However, you need to update your plan for optimal coverage in case of significant renovations and additions.

Deductibles apply in home insurance.

Just like most insurance plans, deductibles apply to home insurance. These are amounts that you pay in advance before your insurer starts paying. The amount of deductibles could be a fixed dollar amount or a percentage of the home insured value.

Are you looking for home insurance to protect your Bay Area, CA home? Please contact Wai Cheng Insurance Inc. today for an affordable quote.