Posted on Dec 18, 2020

Pilot Insurance Agency

Finding quality home owners insurance in Mishawaka is crucial to protecting your property!

To buy homeowners insurance, you first have to determine how much insurance coverage you need. This will require taking a home inventory, or an inventory of all of your personal property both inside and outside your home; calculating the cost to rebuild your home after a disaster (ask a real estate agent for building costs in your area); and determining if you need additional coverage for earthquakes, floods, or a high-risk item like a swimming pool. If you're having trouble determining how much home insurance you need, Pilot Insurance Agency can help walk you through the process.

Next, decide if you want replacement cost coverage or actual cash value coverage. A replacement cost policy will pay to replace your personal property with new equivalent items, whereas an actual cash value policy factors in depreciation – in other words, what your personal belongings are worth used. For things like electronics that depreciate quickly, an actual cash value policy could leave you well short when it comes to buying new items. In addition, a replacement cost policy will provide enough insurance money to rebuild your home even if building costs rise. As a result, most insurance experts recommend a replacement cost policy, even though premiums are somewhat higher.
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