If you have acquired a new home in Newport Beach, CA, home insurance is the next best investment to consider. While home insurance isn’t required by law, it can save you enormous losses when the unexpected occurs.
Unfortunately, understanding home insurance can be challenging, especially for new homeowners. Thankfully, you don’t have to scratch your head trying to figure out where to start. Murvay Insurance is here to share basic facts that you must know about your home insurance plan.
Know what it covers
Do you understand what your home insurance covers? It’s very crucial to know what you are paying for. This way, your claim process becomes seamless when a covered peril strikes. Typically, your home insurance covers your property and its contents. Besides, it provides liability and loss of use coverage. However, check your policy document to see what is covered by your policy.
Know home insurance exclusions
Just like it’s crucial to know what home insurance covers, it’s equally vital to understand what it excludes. This information enables you to know what endorsements you can purchase to boost your policy. Generally, typical home insurance excludes damage from floods, earth movement, intentional acts, government actions, war, pest and mold infestation.
However, the list is just a guide. For extensive information, refer to your policy document.
Take inventory of your assets
You may assume that you don’t own valuable belongings, but you may be surprised after an inventory count. Go from room to room, basement, attic, and closets to take stock of everything you own. An inventory count is pivotal when insuring your contents and when filing a claim.
If your home insurance doesn’t cover specific risks that could be troublesome to you, consider “riders” or “floaters” to boost your policy. For instance, you must add a flood insurance policy to your home insurance coverage if you live in a flood-risk area.
Still want to learn more about home insurance? Would you please get in touch with Murvay Insurance? Else, you can visit our Newport Beach, CA offices to chat with one of our agents.