What does home owners insurance cover? If you've ever wondered what your home owners insurance actually covers, well stick around because I'm about to give you five things that you need to know about your home owners insurance. And I'm starting right now.
Hey everybody, welcome back to my channel. I am Jodie Cordell, the Savvy Agent with Spence Properties here in Crestview, Florida. And if you have ever been stuck or trying to figure out how home owners insurance works, well I feel ya. Hey if this is your first time here on my channel, well first of all thank you for joining me. Welcome. Second of all, be sure to hit that little subscribe button down the bottom of this video. Oh and be sure to hit that bell so that you get notifications every time I put out a new video like this. I put out new videos every Wednesday. So be sure to join me back here next week so you can catch all the latest content that I'm putting out. Plus it just makes me feel good that you subscribe to my channel because it let's me know that you love me. And that's important to me. So thank you so much for subscribing. I appreciate it. All right so let's get down to it. If you've never purchased a home before or if it's been a long time and you're not really sure or you've... There's a million different things. I don't know. But if you have questions about what your home owners insurance policy actually does for you, well then I'm gonna give you five things that you need to know about your home owners insurance. You ready? Awesome, well let's get to it. Number one, you should probably know what things are excluded from your policy. Most insurance policies don't cover things like flood insurance or if you're in California, maybe earthquake damage. Those things usually require a separate insurance policy just for those specific things. In Florida here in the panhandle, we have an issue with flooding, obviously because ya know hurricanes are a thing. So you actually usually, if you're in a flood zone, you may have to purchase a separate insurance policy just for that. Number two, you should probably ask about what your dollar amount claim limitations are as well. So even if you are covered for certain things, there may be a cap on how much the insurance company will actually pay you for whatever damage you may have incurred. For example, if someone breaks into your house and steals something like jewelry or things of value, there's probably gonna be like a limit as to how much they will actually give you unless you actually insure those separate items that are of higher value with a separate insurance policy. Number three, know the replacement cost. So let's just say that we did have a hurricane here and your entire home was destroyed. The insurance company is going to give you the replacement cost up to the maximum amount that they allow whatever that limit might be. So make sure that your insurance coverage actually meets the actual value to replace your entire home. Just to be clear that means that if your house cost 250,000 dollars and your insurance policy is only for 200,000 dollars, you're only going to get that 200,000 dollars. So just make sure that your insurance is sufficient enough to cover the entire replacement cost of your home. Number four, know the actual cash value of your home. If you choose to replace your home after it's been destroyed, the insurance company is going to give you the replacement cost less depreciation. This is called the actual cash value. And number five, know the liability. Most home owners policies cover you for things that happen on your property. A homeowners policies cover you for accidents that happen to other people on your property and generally that can include medical cost, court cost, and anything that the court might actually award. However, insurance companies generally have an upper limit on these types of things. So you gotta make sure that you have sufficient coverage or you're gonna be out of pocket for some of those expenses. So that's five things that you need to know about your homeowners insurance and what it does and what it can't do. I just had a dog walk through my shot. What are you gonna do? So that's five things that you need to know about your homeowners insurance. And I hope that that was helpful to you. If you have any additional questions, I would hope that you would reach out to me for anything more specific that I might can help you with. And if you're thinking of moving to the Emerald Coast, be sure to grab my relocation guide down in the description underneath this video. It's totally free. You just click the little link down there and it'll take you right over there to it. Again, thank you so much for watching my video. I always love all the support and love. Again, I'm Jodie Cordell the Savvy Agent with Spence Properties here in Crestview, Florida. And I'll see you on the next video.