Things first time homeowners should know about home insurance

Being a first-time homeowner can be very scary. There are so many things that you need to learn. Home insurance is not something most new homeowners know a lot about. You will learn quickly with the help of your independent insurance agent. At Davidson Insurance Agency in Evergreen, CO, we are happy to share our expertise with our customers. 

There is more than one kind of content coverage.

Content coverage protects your possessions if a covered hazard damages or destroys your home. You can choose the current value, which is what your items are worth today. If your sofa is five years old, it will be worth less than a new sofa due to depreciation. Replacement cost will provide the amount you need to buy the same sofa today. If you want to replace everything you have, this is probably the option to choose. 

Home insurance doesn’t cover everything.

Like most kinds of insurance, home insurance has exclusions. Your policy will list the exclusions if you read it, which most people don’t. It doesn’t cover floods, earthquakes, landslides, mudslides, sinkholes, wear and tear, and owner neglect. 

Some coverage has limits.

Read your policy; some coverage is limited. Your jewelry coverage may be only $2000. If you have an engagement ring, it probably isn’t fully covered. Get an appraisal of your best jewelry and then increase your coverage.  

You can add endorsements.

Your home policy is customizable. You can add endorsements to provide the limit of coverage you prefer for your most precious items. You can also add coverage for some of the exclusions. 

Contact Davidson Insurance Agency in Evergreen, CO for all your home insurance needs. Call our office or stop by to discuss how we can help.