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What's Really Covered By Your Home Insurance?: An Interview with Teresa Fernandez of Discount Insurance

By Teresa Fernandez

Tell us a little bit about your company and the services you offer.

Discount Insurance is an independent insurance agency representing different companies and carriers. We are part of a bilingual (Spanish and English) professional team with access to standard and non-standard markets for auto, general liability, workers comp. and business owners.

Can you briefly describe what an example of bare minimum home insurance coverage would be like?

The price of a homeowner's policy is subject to a number of factors to consider: Some factors are directly attributable to the property, such as whether there is a risk of flooding, or if the house is built on an area of high fire risk. Other aspects are customer-specific conditions, such as the maximum amount of coverage selected and the amount of additional medical expenses that you want to cover eventually. Other factors that influence the determination of the policy premium is the company's report regarding claims and complaints in the area. Our consulting service strives to achieve the best coverage at the best price.

What are some important things that would not be covered in that example?

Customers should be cautious about the "exemptions" in their policy. This is the most important question to take care of.

What is replacement cost coverage and how does it potentially help homeowners?

Replacement cost means if a claim happens, the insurance company will pay all the amount required to cover the damages and put you back in the same "status" you were before the claim: no better, no worse.

Can you talk about any other replacement cost specifics?

I feel that it's a better option to select replacement cost rather than actual cash value.

How is the deductible typically calculated with replacement cost? What about in the case of a flood, using flood insurance?

Deductibles are small amounts that insurance companies require customers to pay. That means the customer should pay the deductible and the insurance company should pay the balance. Deductibles vary according to the type of policy.

Do you have any tips for homeowners who may have a limited budget for homeowners insurance?

I will suggest them to comply with all the request necessary to decrease the risks like have fire detection, burglary alarm, roof in good conditions, no big and furious pets. Expensive jewelry and art should be stored in other place, not at home. Obtain an accurate appraised value of the home. You should pay the fair value required to be covered: no more, no less.

What's the best way for people to contact you and your company?

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About The Author

Teresa has been with Discount Insurance from October of 2008. Discount Insurance is an...

Phone: 678 381 1668

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