Homeowners Insurance

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Have you ever heard a horror story about homeowners insurance?  Like that time your friend was robbed and they thought they were covered but didn’t have the right coverage?  Or maybe the family that was living in a flood-plain, but didn’t have the additional rider required to cover the damage?  What about your neighbor who had that big addition on the back of his home, but when a bad storm came through and a tree fell on his house he wasn’t insured for the increased value? To avoid a compromising situation like the ones above, follow these tips:


Know the difference between “Replacement Value” and “Market Value” – Replacement value is how much it would cost to buy a brand new one, where market value is how much it would be worth in today’s market at the current condition. For example, a television purchased 5 years ago may only be worth $100 now, but would cost you $600 or more to get a new one. Typically policies based on market value are less expensive.

Same coverage, less money – Instead of saving money on reducing your coverage, try increasing the deductible on your policy.  By doing this, you can save money on your premium without sacrificing the value of your insured property.

Know what your policy covers – Depending on the location of your home, some standard policies have exclusions for events such as landslides, sinkholes, faulty zoning, bad repairs or workmanship, war, nuclear hazard, tornadoes, hurricanes, earthquakes, and flooding.  If your home is located in a flood or earthquake zone, a separate rider will be needed for coverage.

Make sure your improvements are covered – Over time homeowners remodel, expand, or make improvements to their home.  However, many people fail to increase their coverage to protect those improvements.  It’s important that once you have completed any improvements to increase your homeowners policy to cover the value of these additions.

Create a list –To ensure your home and the contents inside it are covered, consider creating a list of the contents of the home along with their estimated worth. The more detailed the better and documenting these items in photos or videos are also encouraged.  This can help to replace the exact items in case of a disaster.

Remember that not only is it helpful to find the best rates, you need to work with a helpful agent. If you are interested in buying or selling a home, or have questions about what homeowners insurance is best for you, call us today at 615-933-1000 or send us an email at info@livingtn.com!

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