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Being a new homeowner is one of the most exciting steps you will take in your life. However, there’s a lot for new homeowners to learn, including understanding home insurance. If you need home insurance in Buford, GA, Town & Country Insurance can guide you through the process.
Types of Coverage
- Dwelling coverage: your home
- Other property: Other structures (shed, barn, etc.)
- Personal property: valuables inside your home
- Liability: Covers expenses if someone is injured on your property
- Additional living expenses: living expenses if your home is uninhabitable
Know Your Lender’s Requirements
Be sure to check your lender’s home insurance policy and get adequate coverage. Most lenders will require you to purchase home insurance before you close on your home, and not getting the proper coverage can cost a lot of time and headaches.
Replacement Cost vs Market Value
Replacement cost is what it would cost you to replace your home. Market value is what your home is appraised for in the current market. Most policies offer 125% of the replacement cost.
Know the Exclusions
Most policies will exclude certain types of damage or causes of damage. It’s important to know what these are. You don’t want to file a claim for something that isn’t covered. You may also want to purchase extra coverage to cover exclusions.
Check the CLUE Report
CLUE stands for Comprehensive Loss Underwriting Report. It’s basically a history of any claims made on your home, even before you owned it. This will likely be taken into account by the insurance company when giving you an insurance quote. If multiple claims have been filed on the home, you may pay higher rates. A CLUE report can give you this information going into purchasing insurance so that you aren’t unpleasantly surprised when you receive a quote.
If you need home insurance, call us at Town & Country Insurance in Buford, GA. Our agents will explain everything you need to know about home insurance and help you get the coverage you need.
