Understanding Home Insurance

Home Insurance which is also called homeowner’s insurance covers damage to or complete loss of your home due to fire, theft, vandalism, hail, lightning strikes, hurricanes, or wind.  It also covers injuries to visitors and accidental damage to a visitor’s property. Read on to learn more about homeowner’s insurance and the many options for home insurance coverage from Sharp Insurance & Financial Services in Ashland, KY. 

Insuring Your Dwelling

Dwelling protection covers the interior and exterior of your home including the foundation, roof, and walls of your home as well as any attached structures like garages and decks.  Also usually covered under a dwelling policy are other structures such as sheds and fences.

Contents within your home are also covered through dwelling insurance. This coverage includes contents of your home such as furniture, clothing, jewelry, and appliances. Most insurance companies will insure the contents of your home and possessions up to a value of 50 to 70 percent of the coverage for your home.

3 Levels of Dwelling Coverage

Dwelling coverage has three basic levels of coverage:

  • Actual Cash Value

Actual cash value pays the cost of repairing or replacing the home and contents after depreciation.

  • Replacement Cost

Replacement cost coverage covers the actual replacement cost without depreciation.

  • Guaranteed Replacement Cost

This coverage pays for rebuilding or repairing your home even if the cost exceeds your policy limit.

Liability Coverage

Liability home insurance covers injuries to visitors to your property.  Liability coverage pays for a visitor’s medical expenses or legal expenses from a lawsuit if you are found to be at fault.

Call Sharp Insurance and Financial Services today for a free home insurance quote. Sharp Insurance & Financial Services serves both Ashland, KY, and the surrounding Boyd County Kentucky area.