Homeowners Insurance, Renters Insurance, Flood Insurance, and Home Insurance in Houston, Spring Texas, Tomball TX, Humble TX, Aldine TX and Surrounding Areas
Protecting Homes and Homeowner’s throughout Texas
Homeowner’s Insurance from All About Insurance
Do you know what’s covered?
All policies are NOT created equal
Purchasing a homeowner’s insurance policy doesn’t guarantee that everything you own is adequately protected. Unfortunately, far too many homeowner’s and renters are never told about policy limits. No one has ever explained the difference between Actual Cash Value and Replacement Cost. Many individuals never know they were underinsured or without adequate coverage until after a loss occurs, and then it’s too late. The professionals at All About Insurance take the time to explain policy limits. They’ll review your individual insurance needs and suggest comprehensive solutions that provide the protection you need. Don’t find out too late that you weren’t adequately protected. Talk to the professionals at All About Insurance.
Actual Cash Value VS Replacement Cost
Here’s the difference…and why it matters to you
Insurance companies use different methods to calculate the amount they’ll pay you for a loss, based on the type of policy you have. If you have Replacement Cost coverage, you’re compensated for the actual cost of replacing your property. For instance: if a covered peril (fire, tornado, etc.) should destroy your refrigerator, a replacement cost policy will reimburse you the full price of replacing it with the same or similar kind. The insurance company won’t deduct for wear and tear, even though you’ve used it every day for the past 5 years.
Using the same scenario, an Actual Cash Value policy figures the reimbursement by taking the replacement cost and subtracting depreciation. Obviously, replacement cost coverage is more beneficial in the event of a loss than an actual cash value policy. Conversely, replacement cost coverage is more expensive than actual cash value coverage.
Know your policy limits!
Don’t get caught short after a loss
How much jewelry do you keep in your home? How much cash? Do you collect rare art, expensive limited-edition items or other one-of-a-kind creations? If so, your homeowner’s policy may not provide all the protection you need. All homeowner’s policies (as well as renter’s policies) have specific limits on certain items like jewelry, fine art and cash. Riders and endorsements are additions to a policy that can increase coverage for expensive or rare items. These policy additions can also provide protection for excluded perils such as water sewer backup, earthquakes and other unforeseen occurrences. Ask your All About Insurance agent about riders and endorsements.
All About Insurance offers homeowner insurance options that include:
- Rental property
- Mobile Homes
- Vacant Homes
- Homes under construction
- Fire Policies
- Jewelry, artwork, etc
- Multi Policy Discounts are available