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Understand the
different types of coverage offered by flood, windstorm and
homeowner's policies.
Pay insurance premiums on time as credit scores can affect
insurance rates.
Look for "mitigation credits" on the home like hurricane
shutters, impact- resistant glass, alarms systems, etc.
Raise the deductible. Its usually more cost effective to
raise the deductible from $250 or $500 up to $1000 or even
more if your lender will let you. The savings in premiums
are likely to cover the cost of paying out of pocket for
small repairs.
Look for the best possible catastrophic coverage. This means
enough coverage to replace the dwelling and personal
property, as well as living expenses while the home is being
repaired.
Find a policy that offers "replacement value" coverage
rather than "cash value" coverage. That means your policy
will replace an item such as a 3 year old tv, rather than
paying you its current value, which might be only $50 or
$70.
If you don't understand your policy ask your agent to
explain it in plain english not all those lawyer terms. A
good agent will spend as much time with you to go over any
questions you may have. Better to be safe than sorry.
Review the policy once a year with your agent.
Looking for
insurance quotes:
If you are thinking about purchasing a property and would
like a free quote
Contact: Peter
Look Agency in Cape Coral.
239-542-1117
Mention that
you are working with Tony Vadala
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