Home insurance cover is one the best forms of protection that a homeowner can have. However, Heath Ritenour, fully aware of the importance of insurance policy, states that getting the right one for your home is not as straightforward as black and white for most Americans. He opines that most homeowners are not privy to the reasons and factors considered to determine the coverage and cost of their insurance policy.
As recent statistics indicate that more than 65% of Americans own homes, Heath Ritenour suggests that it is now essential more than ever for homeowners to understand their insurance policies. Heath explains that since homeowners have different situations, these differences reflect in the insurance policies. He explains that the basic operation of insurance is to ensure that those with insurance covers are made whole again by getting them back to the level before the occurrence of the risk.
In the homeowner’s case, Heath Ritenour explains that making the policyholder whole again could mean repairing or replacing their house after damage resulting from risks such as fire, earthquakes, or floods. He further explains that having an insurance policy is among the critical requirements from lenders before a mortgage is processed. For lenders, an insurance policy serves as protection and assurance that the insurer would compensate the lender if the home is destroyed.
Ritenour explains that the extent of coverage needed by the policyholder depends on the location and age of the home. However, Heath points that in most cases, the amount of coverage is equal to the value of the insured home. He explains that seeking information from a knowledgeable insurance agent can help homeowners decide whether they are getting the right insurance policy for their homes.
Heath Ritenour explains that insurance coverage varies. He highlights three primary levels, including actual cash value, replacement cost, and guaranteed replacement cost. Besides the coverage levels, Heath also explains that factors such as perceived risk, materials constructing the house, and external considerations play a crucial role in determining the rate of insurance coverage. He points out that based on these factors, some home insurance policyholders will find their coverage higher.
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