Six Common Homeowners Insurance Mistakes

We understand that your homeowners’ insurance may not be at the top of your priority list. That is, of course, until you need it. If your home is damaged in a storm, you are burglarized or experience a kitchen fire, that policy suddenly becomes much more important. Some, however, discover that their homeowners’ insurance may not provide the protection they thought it would. To minimize the chance for any negative surprises regarding your homeowners insurance, here are six common mistakes to avoid when buying homeowners’ insurance.

1. Assuming flood insurance is included. Flood insurance is part of a FEMA administered program that must be purchased separately. Flood insurance is not included in a basic homeowners insurance policy. If you feel you may benefit from flood insurance, ask your independent insurance agent for details and a quote.
2. Under-insuring a home. Of course, price is always a factor but not at the expense of coverage. When acquiring homeowners’ insurance, make certain it is sufficient to meet your needs.
3. Underestimating the value of a home’s contents. Homeowners’ insurance policies will likely limit the amount of coverage for your personal possessions and household contents. This may be a stated limit or a percentage of your home’s coverage. In either case, you will want to make sure the limit is high enough to cover replacement. This is particularly important if your have jewelry and collectibles in your home you want fully protected.
4. Choosing a deductible that is too high. In order to save a few dollars. Some homeowners may select a deductible that is too high. This can be problematic when it comes to making a claim. Be honest about your ability to absorb that higher deductible should you incur damage to your home.
5. Not understanding what is and isn’t covered. One of the values of having an independent insurance agent is having someone to be able to answer your questions about your policy’s coverage. They can also serve to consult you about sufficient coverage prior to making your insurance purchase.
6. Not comparing. Some homeowners’ make the mistake of not comparing coverage and rates. It is not always about just price. You want to be assured you are getting both value and the coverage you expect. Our independent insurance agents can help.

When you contact one of our independent insurance agents, they can seek out quotes from multiple companies. They can assist in answering your questions and they can help assure your coverage meets the value of your home. There’s no need to go it alone when purchasing home owners’ insurance. Get the assistance of one of our professional agents today.