Heath Ritenour Offers Basic Insight into Home Insurance Policy.
Recent statistics from the United States Bureau indicate that most Americans own homes. Their homes are the biggest asset and investment for many homeowners, calling for protection from destruction or damage. Insurance policies should be thoughtful and made to suit the diverse needs of each homeowner. However, according to Heath Ritenour of the Insurance Office of America, most Americans lack sufficient understanding of the essential workings of homeowners insurance.
Heath Ritenour outlines several reasons that a homeowner gains by having an insurance policy. First, Heath states that the insurance policy reduces the burden on the homeowner in the event of insured risks occurring. The insurer covers the costs of home repair, or replacement provided the homeowner had a cover for the risk that has caused the damage or the need for replacement.
Heath Ritenour points out an insurance policy is one of the requirements by banks and other lenders before getting a mortgage. He explains that the importance of a cover policy for lenders is to protect their loan investment if the home is damaged. Ritenour further states that homeowners need to have a cover similar to the amount owed to the lender in most cases although this could vary based on several factors among the age and location of the home.
Ritenour highlights three levels of insurance coverage. Each of the coverage levels covers the homeowner differently in the event of an insured risk occurring. Some of the levels will only cover the homeowner after considering depreciation, while others will cover all the cost of repairing or rebuilding a home with consideration of depreciation.
Heath Ritenour points out that several factors affect the insurance rates when homeowners seek insurance covers. He points out that factors based on several reasons receive more weight while considering the likelihood of the homeowner submitting an insurance claim. He highlights some of the elements, including materials used to construct the home, the possibility of the perceived risk, and external considerations such as natural disasters.
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