Homeowners are always asking “When should I file a claim?” or “Should I file a claim?”

Do you ever feel confused by the finer points of homeowners insurance (or any other insurance-related topic?) You’re not alone. Homeowners are always asking me should I file a claim?

After talking with Jennifer Bourne at Martin & Zerfoss she has given me some great advise to pass along to my friends and clients.

The most familiar terms also tend to be the most commonly misunderstood. If you want to make the most of your policy and avoid surprises down the road, it might be time to test your knowledge with a quick quiz.

True or False? 

Can you answer the following questions with confidence? Let’s see how much you know about your coverage.

A premium is a one-time fee you pay to instate coverage. 

False. Premiums can be paid on an ongoing monthly or yearly basis and are priced based on the type and amount of coverage you choose.

A deductible is the amount you will need to pay out of pocket before your coverage will kick in. 

True. Double-check the amount of your deductible so you’ll be prepared if you ever need to make a significant claim.

A claim is submitted to your insurance company when you’re requesting money to reimburse you for damages covered by your policy.

True. Have questions about how and when to submit a claim? Reach out anytime.

“Actual cash value” only takes into account the current market value of your home.

False. This term also refers to the amount needed to replace your possessions (minus wear and tear since you bought them). Note that actual cash value policies and replacement cost insurance offer different benefits — check in if you’d like to learn more.

Very few people really need “floater” policies.

False. Floater insurance can be added to your current policy to protect valuable items that can be transported. Typical examples include sporting equipment, musical instruments, jewelry and cameras.

How did you do? If you still have questions, please contact Jennifer Bourne at Martin Zerfoss Inc.

615.297.8500 (office), 615.260.4741 (cell),


….. “You’ve Got a Friend in Real Estate”

Jarod Tanksley 615.403.8265  (more Blogs & featured Homes)

Brentview Realty 615.373.2814

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