When you buy a home, it’s crucial to protect your investment with home insurance. If you live in Wisconsin and have questions about home insurance, our team at OnQuote Insurance is ready to help you get the coverage you need. We’ve been serving clients in your area since 2015.
Calculating a Total Loss for Home Insurance
While you purchase home insurance to protect your home, you hope you’ll never need to use it. According to US Insurance Quotes, if the cost of repairing damage to your home exceeds its worth, the insurance company will declare your home a total loss. The worth of your home is determined by its current market value.
When your home is declared a total loss, the insurance company will pay you the amount of the policy limit. Any exceptions or deductibles included in your policy will be subtracted from your payment. Most homeowners use this money to rebuild their homes. However, according to US Insurance Quotes, if your mortgage has been paid in full, you may have the option to accept a cash settlement instead of rebuilding your home.
Contact Us Today
Whether you’re a first-time homeowner with questions or looking to make changes to your current policy, our team at OnQuote Insurance can help you make the right choices. As an independent insurance company, we can offer you a wide range of policy options. Clients in Wisconsin can feel confident discussing their insurance needs with our team. Call us for an appointment today, and let’s talk about insurance.