Your home is likely your largest investment, and it is the most important piece of property for most people. It makes sense to have good insurance to protect this investment. Distinctive Financial Group is here to help you get the best possible insurance on your home in Virginia. Most lenders require insurance to protect their investment.
You will need liability coverage to cover injuries anyone might have on your property. There is also fire insurance, which is a major part of most policies. There can also be storm damage coverage, but realize flood insurance is a separate policy. The contents of your home will also need to be insured as part of your policy.
When purchasing the insurance, you need to know the type of perils for which you are being insured. "All perils" covers just about anything and may list some exclusions. "Named perils" will limit coverage to a list of perils such as fire, wind, or hail. Your choice here affects the premiums you will pay. Also knowing the difference between fair market value and replacement cost is significant. Replacement cost covers what it costs to buy a new item, while fair market value will pay only the depreciated value of your items.
Replacement cost covers what it costs to buy a new item, while fair market value will pay only the depreciated value of your items.
Flood insurance is a separate policy altogether. Regular homeowner’s insurance coverage will not cover you in case of a flood. It is important for Virginia homeowners to insure their property against flood damage.
Even if you don’t own a home…if you own or rent a condo or apartment, you can still insure your belongings. Condo insurance and renter’s insurance covers your personal belongings inside your dwelling. For more information, please contact us today!
Stop by Distinctive Financial Group, or call us today, to learn more about securing insurance for your home, condo, or rental property in Virginia. We can show you all the options available and help you find the policy that best fits your situation. Existing customers should also stop by at least once per year to update their policies. As time passes, your insurance needs may change so it is a good practice to make sure your policies will cover what you need.
