SUNDAY, MARCH 4, 2018
When evaluating your homeowners insurance, its easy to focus on the highly tangible benefits
such as personal property replacement, liability, and additional living expenses. But it’s also
important to understand how you will be reimbursed should your suffer a complete loss
of your home.
With a homeowners policy through Farmers Insurance, your premium is calculated based on
your home’s “replacement value”. This means that should you experience a total loss, you
will be reimbursed for what it costs to replace or repair your home based on today’s prices.
Other insurance companies may calculate your homeowners insurance premium based on
your home’s “current market value”. The current market value of your home takes the value
of your land into consideration, which can increase annually. Therefore your premium may
increase annually as well. A homeowners policy based on replacement value covers your
home for the cost of lumber, brick or whatever necessary materials are needed to replace or
repair it rather than the potentially fluctuating market value.
If you have a homeowners policy with Farmers Insurance, you can rest assured that
your home is covered for replacement value, not current market value. If your home is
not currently covered by Farmers Insurance, please give us a call. We can provide you a no-obligation quote (and often times we’ve been able to save money for our customers). Plus,
by bundling your homeowners with your auto, you may be eligible for a multi-policy discount.
Give us a call at 215-345-6670 and talk to your Keenan Insurance Agent in Doylestown PA today!
Posted 1:48 PM