Your home is probably the largest investment you will ever make, and you want to protect that investment with the right coverage. Many factors enter into determining how much you will pay for home insurance, such as the type and size of the home, age of the home, and location. In addition, you can select the type of coverage you need, which may include replacement of personal belongings, water damage and earthquake insurance. ASA Insurance will work with you to ensure you have the coverage you need for your home, whether you live in Salt Lake City or elsewhere in Utah.
- Structural Repair – if your home is damaged in a covered event, your coverage will pay for repairs. This may include roof repairs or broken windows from storm damage. If you have multiple buildings on your property, such as a detached garage or shed and a deck, they must be added into the policy.
- Personal Contents – this coverage pays for replacement of your personal items if they are damaged in an event, such as fire. You must estimate how much you think your belongings are worth to ensure adequate coverage.
- Expensive Personal Items – items such a jewelry or electronics may require separate coverage to ensure you carry the full replacement value.
- Loss of Use – if your home is beyond use due to an event such as fire, your policy will cover expenses of living in another location for a period of time.
- Liability – this coverage protects you if someone should get injured while on your property; it pays for the person’s medical expenses from falls, dog bites and other accidents.
You will have a deductible, which is the amount you pay before the insurance policy begins coverage. Deductibles can range from $500 to $1000 or even higher, and will impact how much you pay on your premiums.
Choosing the Right Homeowner’s Insurance
Besides looking at the cost, you want to consider how much coverage you need. Working with a trusted agent at ASA Insurance will help you understand your options as well as compare pricing for the various policies available.
Another factor in your home insurance is cash value or replacement cost. While most lenders require you to carry replacement cost on the home if you have a mortgage, you want to be sure which type of policy you are looking at. You most often see the two options when it comes to your personal belongings.
With cash value, you are paid only what the item is worth at current market value. An older item will be worth less unless it is an antique. Replacement cost is the amount it would cost in today’s market to replace that item, regardless of what it’s actually worth.
To receive a quote on home insurance and to learn more about what a policy covers, talk to an agent with ASA Insurance. We can help you make the right decision to protect your home with a policy that fits in your budget. Contact us today at 801-486-7463.