Homeowners need to understand how home insurance works in Fairway, KS. At Midwest Professional Insurance, we offer home insurance coverage to area homeowners.
When you purchase home insurance coverage, you need to be aware of the following three things.
Home insurance does not typically include flood coverage.
A lot of homeowners are surprised to learn that a standard home insurance policy will not cover them for flood damage to their homes. Flood insurance is usually a type of insurance coverage that needs to be purchased separately.
You need to evaluate the flood risk of the area in which your home is located. Then, it would help if you decided whether or not investing in flood coverage is vital for protecting your property.
You must have home insurance if you’re paying off a mortgage.
You are not required by law to carry home insurance. However, mortgage lenders require borrowers to purchase home insurance to protect the investment they make in their homes.
If you have your home purchase financed, you, therefore, must purchase a home insurance policy that meets the requirements of your mortgage lender.
A higher deductible generally means lower monthly premiums.
One detail you need to decide on when you purchase home insurance is what you want the deductible amount on your policy to be. The deductible amount is how much you need to pay out of pocket before your policy coverage comes into play.
If your deductible amount is higher, your monthly premiums should be lower. However, with a higher deductible, home damage is going to cost you more. You need to select a deductible amount that you can afford to pay out of pocket if you have to file a claim on your policy.
Are you looking for an insurance policy to cover your Fairway, KS home? If so, we’re here to help at Midwest Professional Insurance. Get in touch with us today to learn more about our home insurance policy offerings.