Homeowners insurance can be a complicated matter. You don’t always know what type of policy and what level of coverage you need. That’s why it’s a good idea to assist an expert agent who knows the in’s and out’s of home insurance. An independent agent at Rock Insurance Agency Inc. of the Medford, NJ area can help you with this process.
Everyone Should Have Home Insurance
Many mortgage lenders require that you have homeowners insurance. Even if yours doesn’t, it’s still in your best interest to have this in place. It will protect not only your property but also offers at least some coverage for your valuable items.
The Amount of Coverage Varies
You’ll need to know your property’s value to determine the amount you should have in insurance coverage. You won’t have to pay as much out-of-pocket if your insurance is set at a higher coverage level.
Property Value Is Calculated Differently
There are different methods of calculating property value. This includes market value and replacement value. Market value is the amount at which your house is likely to sell, and replacement cost is how much it would cost to rebuild the house.
More Than Property Damage
Home insurance policies not only cover repairs after your home has been damaged due to tornadoes, fires, and other major events. It also covers incidents such as if there’s been a theft and if someone’s been injured on your property, you can get the coverage that would apply towards their medical payments.
Annual Reviews Are a Must
It’s ideal to have your agent review your policy and needs every year. This way, you know you’re getting the right amount of coverage for your changing situation.
At Rock Insurance Agency Inc., we’re proud to set up home insurance for residents in the Medford, NJ area. Contact us today with your questions and to get started.