1. Know about exclusions to coverage.
For example, most insurance policies do not cover flood or earthquake damage as a standard item. These types of coverage must be bought separately.
2. Know about dollar limitations on claims.
Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
3. Know the replacement cost.
If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
4. Know the actual cash value.
If you chose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value.
5. Know the liability.
Generally your homeowner’s insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets.
Rick’s knowledge and professional personalize approach in assisting clients began in 1976, after graduating from the University of Illinois with a B.S. Degree in Finance, with special concentration in Real Estate and Urban Economics. He is the firms Designated Managing Broker.
Besides yearly sales achievement awards, Rick was twice elected President of the Quincy Association of REALTORS® and was honored by the Q.A.R. with Realtor of the Year and the Outstanding Career Realtoraward. Rick is experienced in residential and commercial sales and leasing, with an added background in the Management and Rehabilitation of rental property. He served as Commissioner and Chairman of the Quincy Housing Authority for over 17 years, providing oversight to over 300 subsidized housing units; which functions to ensure the availability of clean, safe and affordable housing for low income residents in our area.
For nearly 10 years, Rick held a Pre-License Instructor license, teaching the necessary coursework for those seeking Real Estate careers, while continuing to mentor and train new agents in development of successful careers.