When you own a home in Fort Lauderdale, FL, you have a lot to manage. It’s important that your home has the right insurance policy, but knowing what you need can be tricky. Coastal Wealth Insurance LLC can help you get the perfect policy, but it will be easier for you if you know a few tips first.
Premiums vs Deductibles
Understanding the tradeoff between these costs is the key to optimizing any insurance policy. Basically, your premium is the monthly payment you make out to the insurance company. The deductible is the amount you have to pay from your own pocket before the policy kicks in. Say, for example, that your roof is damaged in a storm. If you have a $500 deductible, then you have to pay the first $500 towards repairs. If the repairs cost more than that, your policy will help you pay the bill.
Deductibles and premiums can change, and they tend to be inversely related. If you have a higher deductible, your premium is likely to be lower (there are other factors to consider). The key to getting the right policy is to consider how much of an emergency cos you can reasonably afford out of your own pocket. Pick your deductible based on that number, and then try to get the lowest premium you can for the amount of coverage you want.
Consider Your Assets
Home insurance can cover replacing assets inside the home that are damaged or stolen (depending on the circumstances). Perhaps more importantly, home insurance covers liability if someone is hurt in your home. In both cases, you need to know the value of your assets to make sure the policy can properly reimburse you.
Ask for Discounts
Ultimately, the best way to get the perfect policy for the lowest price is to ask. Your Coastal Wealth Insurance LLC representative can look for every possible discount and help you customize insurance for your home in Fort Lauderdale, FL.