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Understanding HOMEOWNERS INSURANCE...
5 Things to Make Sure You Understand about Your Homeowners Insurance
1. Look for exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These coverages must be bought separately. If you are in an area where you would need special coverage, don't wait for a disaster to happen to find out you don't have it! 2. Look for dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately. 3. Understand replacement cost. If your home is destroyed you'll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you'll only receive $150,000. 4. Understand actual cash value. If you chose not to replace your home when it's destroyed, you'll receive replacement cost, less depreciation. This is called actual cash value. 5. Understand liability. Generally your homeowners insurance covers you for accidents that happen to other people on your property, including ... more

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