June is National Homeownership Month! We are happy to celebrate your home with you this month and want to be sure you’re protected all year long by providing insight on your homeowner’s insurance policy.

Are you overwhelmed by your homeowner’s insurance and unclear on what each section means? This post will give you an inside look at the top five things you should know about Homeowner’s Insurance. If you still have questions or want to get a quote, reach out to our team today!

Homeowner’s Insurance is property insurance to protect against losses and damages to your home and your valuables within your home. It also protects you in the case of accidents on your property. 

1. There are different types of insurance policies. Whether you are covered by an HO-3, HO-5, or HO-6, you should review your policy. Each type has unique coverage options when it comes to your home, its structure, and your personal belongings. No matter what type of coverage policy you have, you definitely need to know #2 on our list.
2. There are three options for the amount of coverage you will receive in the event of peril: cash value coverage, replacement cost coverage, and guaranteed/extended replacement cost coverage. Cash value coverage is the least expensive coverage option, paying to repair or replace your property up to your policy coverage amount minus depreciation. Replacement cost coverage is the most popular kind of coverage, and acts exactly as cash value coverage, except depreciation is not deducted from your payout amount. Guaranteed/extended replacement cost coverage is the highest protection option, paying to replace your home to its state prior to the disaster, even if the cost to do so is above your policy coverage amount.
3. Some belongings are covered outside of your home. Have you ever had your laptop stolen or misplaced a wedding ring? Your home insurance policy may cover the claim!
4. Your dog can make a big difference in your policy. We all love our pets, but did you know that certain breeds of dogs may not be covered by your policy, or cause your policy cost to increase? Connect with our team to learn more about how you can make sure your furry friend isn’t negatively impacting your policy!
5. You should create a home inventory. If the worst was to happen and your home was destroyed, your insurance company will need a list of your items to be replaced. We know you’ll remember the items you use daily, but having a list stored in your email, or photos of each room, will help ensure you get covered for your total damages.

Do you want to learn more about insurance policies, or find out how Meramec Valley Mutual Insurance can help you find the perfect policy? Reach out today!