Protection against unforeseen circumstances.
When buying a home, one word you will hear often is “insurance.” As a homeowner you are concerned about protecting your house, your personal belongings and your personal liability. It is important that the coverage you choose provides the comprehensive protection that you need. Homeowner’s insurance protects you and your house against losses from fire, theft, liability, vandalism, water damage, wind damage, tornadoes and loss of use. Earthquake insurance is not included but can be purchased separately.
Types of Insurance
There are three types of homeowner’s policies to choose from. A clear understanding of the coverage each type offers will help you select the right policy for your needs. Each type carries a deductible amount you select.
- A standard policy requires coverage for at least 80% of the value of your home, excluding land and the foundation. It will usually insure your personal property at actual cash value.
- A broad-form policy is more inclusive than the standard policy and covers additional named perils such as glass breakage, smoke damage, etc.
- An all-risk policy covers even more than do the standard and broad-form policies. An example of a covered risk might be damage caused to your roof from ice build-up in the gutters.
Some of these policies offer optional guaranteed replacement cost coverage on your home and its contents. Replacement cost coverage will pay to rebuild your home and replace its contents with no depreciation coming into play.
It is important to understand that the replacement value of your home is based on your insurance company’s estimate of the cost to rebuild your home on your property. It is not based on the purchase or appraised value of the home. Most policies have a built-in annual increase of replacement cost coverage.
Reducing Premiums
When purchasing homeowner’s insurance, there are ways of lowering your premium. Most insurance companies offer discounts for whole-house alarm systems.
Another way of lowering your premium is to select as high a deductible as you can afford. Raising your deductible reduces your premium.
Insurance is the type of service you buy hoping that you will never have to use it. Discuss with your Insurance Agent your unique needs and concerns when you purchase the insurance and whenever your needs change. The right insurance can give you a sense of security in knowing that you are adequately protected.
Protect your investment.
Protect your investment. Title insurance offers peace of mind and protection whether you own a home or if you are a first time buyer. One of the most important milestones in your life will be buying your first home. It is an exciting time, and there will be a lot of information that you will be required to understand to ensure everything goes smoothly, and that your investment is protected. Eliminate some of the stress and uncertainty by speaking to your lawyer and ensuring you are protected with title insurance from the beginning. Click here to find out about the Top Benefits of Title Insurance.
Why do I need Title Insurance?
- Real Estate Title Fraud – What you need to know
- Identity Theft
- If your personal information falls into the wrong hands, a fraudster can use your information to open credit card and bank accounts, run up expenses, or ruin your credit history. FCT offers identity theft protection in conjunction with a new homeowner or existing homeowner title insurance policy. We offer the most comprehensive coverage in our industry. Click here to learn more.
- Mortgage Refinancing
- FCT is in the business of simplifying real estate related transactions. And, thanks to your lender and FCT, now it’s a lot easier to complete your refinance mortgage transaction than it’s ever been. Through your lender, FCT has developed a process with your needs in mind as you invest in your future. For more information on how FCT can provide you a fast and convenient refinance experience, contact your lender and ask for FCT.
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