Seven Things Your Home Insurance Policy Really Should Include

 

1. Replacement Cost This means that the insurance company will pay to replace your roof and contents. If your quote does not include the words Replacement Cost, you’ll be stuck with an Actual Cash Value (ACV) policy, which factors in depreciation before paying out on a claim. Memorial Insurance offers only Replacement Cost policies.

 

2. Low deductibles The deductible is the portion of the claim you pay before the insurance company takes care of the rest. Common deductibles are 2% for wind and hail, and 1% for all other perils. Any higher than this, and you’ll be paying a lot of money out of pocket before the insurance kicks in.

 

3. NO policy fees Some insurance agents charge a policy fee to their customers, over and above the commission they already receive from the insurance company. Why pay $150 to your agent to do a job that other agents offer for free? Memorial Insurance never charges policy fees.

 

4. Adequate coverage If your home isn’t insured to the full cost of rebuilding, you are going to find yourself seriously out of pocket in the case of a total loss. Remember that even if you have an older home, the cost to rebuild it will be at 2018 prices, so you’ll want a 2018 insurance policy to match!

 

5. Water backup This is when a blocked drain causes sewage and waste water to back up into your home. Coverage is inexpensive, but not included in a standard home insurance policy, so make sure your insurance agent adds it!

 

6. Reputable company Hopefully you never have to put this to the test, but some carriers routinely outperform others when it comes to paying out on claims. Ask your agent for impartial advice on which carriers are best when the worst happens.

 

7. Flood coverage Protection against flood is not included in any home insurance policy – it must be purchased separately. No home in Houston should be without flood coverage, so ask your agent about purchasing a flood insurance policy today!