When purchasing coverage on your home you need to keep in mind how much it would cost to REPLACE or REBUILD your house. With real estate values coming down in recent times some people confuse market value with the replacement value on their homes. What you may be able to sell your house for probably has no bearing on what it would cost to rebuild it. Replacement cost is typically higher, but not always more than market value. Properly insuring your home is very important.
Another aspect to home insurance that can have a material impact on your premiums is the size of your deductible. The higher the deductible the lower your premium. But, there are aspects to choosing a higher deductible that can help you in the long run. If you take a $500 deductible and suffer a $750 loss you may not want to present the claim to your insurance company. By turning in this claim you would receive a $250 payment from your insurance company, but the impact this may have on your premium when your policy renews may not be worth turning in a claim. We suggest you take as high a deductible as you can most readily afford.
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