Things all new homeowners should know about home insurance

Buying a new home is one of the highlights of most people’s lives. Your first home is an adventure in so many ways, and you may find that you are woefully ill-prepared to deal with many of the things that more seasoned homeowners take for granted. Knowing about home insurance is one of them. At Fenzl Insurance Agency in Hamburg, NY, we work with our new homeowners to make sure they know more than just the basics about home insurance. 

Home insurance has deductibles.

You are responsible for choosing the deductible you pay for your home insurance. This is not a yearly amount; it is a per-claim amount. The higher the deductible, the better the rate you get, but also the more out-of-pocket expenses you will need to pay.

You have choices of content coverage.

You can choose to cover your content with either the current value or the replacement cost. Current value is what something is worth today with deprecation figured in. Thus, a seven-year-old sofa won’t be worth the same as a one-year-old sofa, and the amount you get will not be enough to replace it.  

Home insurance has limits on certain content.

If you have expensive jewelry, electronics, antiques, art, or an oriental rug, your home insurance policy has limits on how much it will pay and how much cash it will replace. You may want to consider raising your limits if needed. 

Home insurance doesn’t cover everything.

Your home insurance has exclusions. It does not cover flooding or earth movement such as earthquakes, sinkholes, mudslides, landslides, or wear and tear. As a homeowner, it is your responsibility to maintain your home. 

Contact Fenzl Insurance Agency in Hamburg, NY when you have questions or needs for home insurance.