Your home is your castle. It provides shelter from the weather. It’s a place to sleep, eat, and raise a family. For many, it’s a beacon of comfort and safety. It is also a significant financial investment, but the returns are enormous in the physical and emotional haven it provides.
Owning a home requires regular upkeep and having a safety net in the form of home insurance in Madison, MS. This policy gives you backup for those times when disaster strikes, such as a fire, theft, or other unfortunate events covered by your provider. Understanding how to read your policy helps you in knowing that you have the proper protection.
3 Key Areas to Understand about Your Home Insurance Policy
Your home insurance policy has many sections listing various aspects of your coverage. It may seem like a lot of it is legalese. To make things simpler, here are three key areas to focus on to give you the highlights of your coverage:
- Declarations page: When you start browsing through your home insurance policy, you’ll find a declarations page. It generally consists of one page (sometimes two) and provides a snapshot of crucial information regarding coverage. You can find information on it such as the insurance company, the named insured, property location, and types of coverage. It will also list coverage limits, your deductible, any endorsements, policy number, and term.
- Replacement cost versus actual cash value: As you review your policy, you’ll come across different terms; two of which are replacement cost and actual cash value. These terms refer to how the insurance company determines the value of items lost. Replacement cost value means your home or personal property will be covered at the cost at the time of the claim with no depreciation considered. Actual cash value uses depreciation of the lost item at the time of the claim. You’ll want to review your policy to know what your insurance provider will do when you file a claim.
- Exclusions: Your Madison, MS home insurance policy will cover many things, but a few items may not be covered. Many policies will exclude things like normal wear and tear on your home, construction defects, foundation failure, pet damage, nuclear hazard, mold and fungus, and mechanical breakdown. These exclusions are detailed within the policy jacket, and each company will exclude different things. Flood damage is typically not covered so having a separate flood insurance policy is helpful.
Uphold Your Safe Haven with the Right Home Insurance in Madison, MS
Every home deserves the right coverage to protect the owners when catastrophe strikes. Home insurance from an experienced Hawsey Insurance broker is an excellent place to start. Our team will review your current coverage, find gaps, and offer alternatives for better coverage at reasonable rates. We are happy to answer any questions to help you better understand your home insurance policy in Madison, MS. Give us a call, and let us serve you.
Call Hawsey Insurance at 601-856-7707 for a free quote on home insurance in Madison, Mississippi. Feel free to contact us online or make an appointment to stop by our Madison, Jackson, and Southaven, MS offices.