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What You Need to Know About Your Home Insurance Policy (Part 2)

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Property Damage Coverage

Home Insurance FAQIt’s important to learn about your homeowner’s insurance policy. Your insurance policy is supposed to cover you in the event of a disaster, but if you don’t know a lot about your insurance policy, you may be in for some surprises. At Adjusters International/Matrix Business Consulting, our public adjusters are dedicated to helping you file, expedite, and settle your claim for the maximum amount. In our last blog, we went over a few things that you need to learn about your policy. Keep reading to learn more:

Why early detection is important.

Insurance companies always want you to mitigate any property losses you are able to detect early. Early detection often means more affordable repairs, so you need to make sure that you are keeping up on the routine maintenance in your home.

How to save more on your premiums.

The price of your premium is determined by how big of a risk the insurance company sees you as. Luckily, if you can reduce the risk, you can usually also reduce your premium. Most insurance companies reduce premiums for things like installing a deadbolt, a burglar alarm, or even a smoke detector.

The difference between replacement cost and market value.

Some homeowner’s insurance policies are based on depreciated value (ACV) and some are based on replacement cost. Replacement cost is the cost of replacing or repairing your property at today’s costs, whereas ACV is based on the depreciated value. You may pay less for an ACV-based insurance policy, but you won’t recoup as much money in the event of an accident.

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