When you purchase a home, it is wise to invest in adequate insurance to protect your home and its contents. That is where home insurance comes in. It covers three main areas depending on your policy wording. These are physical damage, theft, and legal liability. The folks at Pro Insurance Group serving the area of Follansbee, WV often encounter the following queries:
Is Home Insurance only for Homeowners?
The answer here is no. Broadly speaking, there are six (6) different types of home insurance available depending on your needs, the type of home you have, and whether you rent your property or own it.
- Tenants Broad
- Special Condominium
Are there Deductibles?
Yes, normally there are provisions for deductibles for the section that deals with losses. In West Virginia, depending on the policy wording, the amount will vary. Some companies may offer higher deductibles in exchange for reduced premiums.
What is the difference between Replacement Cost and Actual Cash Value?
Replacement cost pays to repair or replace your property after a loss. Actual cash value is the replacement cost less depreciation and is the lesser coverage of the two options.
How is my premium determined?
There are several factors at play here. These include but are not limited to:
- Type and amount of coverage you require
- Your claims history
- The level of security on your property
- The home itself – the value, the age, the materials it is built from
Do not make the mistake of thinking that you do not need home insurance. Home insurance provides protection when your home is upside down from physical loss, theft, or even legal liability. Contact the Pro Insurance Group serving Follansbee, WV today and make sure you are adequately protected against every eventuality.