Top Homeowners Insurance Tips For 2021 | Smart Change: Personal Finance

Dee Yonker

The deductible is the amount of money deducted from an insurance claim check. For example, if you have a $1,000 deductible and $10,000 in damage, you’ll get a $9,000 insurance check. Special deductibles might be hidden in your policy’s pages. For example, hurricane deductibles can range from 1% to 5% […]

The deductible is the amount of money deducted from an insurance claim check. For example, if you have a $1,000 deductible and $10,000 in damage, you’ll get a $9,000 insurance check.

Special deductibles might be hidden in your policy’s pages. For example, hurricane deductibles can range from 1% to 5% of the insured value of your home, meaning if your house is insured for $200,000 and you have a 5% deductible, your insurance check would be reduced by $10,000.

Did You Know There are Sub-Limits for Some Items?

Another thing to understand are sub-limits, also known as “special limits.”

Sub-limits typically apply to high-value items. For example, your policy might only cover $1,500 for stolen jewelry. So if your $3,000 diamond bracelet gets stolen, your policy will only pay $1,500.

If you have valuable items, you can pay more to “schedule” them so they’re insured for their full value.

Home Insurance Makeovers Should Be Part of Your Renovation Plan

If you have a home project in mind, make sure you understand the home insurance implications before you start swinging the sledgehammer. That’s because certain home renovation projects (like an addition) can increase the amount of home insurance you’ll need.

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