Month: August 2026

If you’re getting your first home, congratulations! You’ll want to make sure you carry adequate insurance. Here are some tips to help you breeze through the process and avoid common pitfalls.

Work with your agent at Bucksmont Insurance in Chalfont, PA, who has plenty of experience and can help with all your home insurance needs.

Are Floods Covered by Home Insurance?

Standard home insurance typically doesn’t cover flood damage. For flood protection, you’ll need a separate insurance policy.

What Is PMI Coverage?

Your mortgage lender may require you to carry private mortgage insurance, or PMI. This coverage is designed to protect the lender, not the homeowner. PMI pays off the remaining mortgage balance if your home is totally destroyed by a covered peril.

PMI doesn’t pay you anything directly, including any down payment you’ve made. You’ll need a separate home insurance policy for your own protection.

High Deductibles

It can be tempting to choose a high deductible to lower your premiums. Just remember that your deductible is the out-of-pocket amount you’re responsible for before your coverage kicks in. In a serious disaster, you may need that money for other urgent needs, and without it on hand, rebuilding can become difficult.

It may be a smart strategy to set aside your deductible amount in an emergency savings account, so the funds are ready when you need them.

Replacement Cost vs. Actual Cash Value

Replacement cost coverage is generally a stronger option than actual cash value, which factors in depreciation. In the event of a total loss, you’ll want enough coverage to fully fund rebuilding your home.

Reach out to us at Bucksmont Insurance in Chalfont, PA, for all your home insurance needs.

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