If you own a home or are looking to buy one, you likely know that homeowners insurance is important. What you might not know is that not every policy is the same. There are a number of costly home insurance mistakes that you may not even be aware you are making. Not only can these mistakes leave you paying more, you may end up paying for a policy that doesn’t protect your house properly. Don’t find out after a claim that your policy will only cover half of the cost to rebuild your home. Learn the most costly home insurance mistakes to avoid while still saving you money!
Are These Top 3 Home Insurance Mistakes Costing You Big?
1. Insuring a home for its real value rather than for the cost of rebuilding
Failing to have enough insurance to cover the cost to rebuild the home is the number one mistake homeowners make. You want your insurance policy to cover the cost of rebuilding your home in the event of a loss, not the sales price. You should make sure that you have enough coverage to completely rebuild your home and replace your belongings—no matter what the real estate market is doing. An umbrella policy can help to provide extra cushioning as well.
2. Dropping or assuming you have flood coverage
Flood damage is not covered by a standard homeowners insurance policy. While you may not be required to have a flood insurance policy on your home, be aware that 25% of all flood losses happen in areas of low risk. If you are near a body of water that could overflow onto your property, you should consider adding this coverage.
3. Buying a policy on price alone
While no one wants to pay more than they need, especially on insurance, getting the cheapest home insurance policy available is probably not the best idea. When you start shopping for an insurance policy, you will need to look at more than just price. It is possible that you will save money right away, but you get what you pay for. Cut rate coverage could leave you with more out-of-pocket expenses down the road if you need to file a claim. That’s where we come in. Just call us at 724-929-2300 today and let us do the comparing for you. We will match policies across some of the biggest names in insurance to get you the coverage you need at the best price possible. Our agents will go over your specific needs and tailor a policy that will protect your biggest investment correctly, not a one size fits some policy.
Your home is your biggest investment. Don’t settle for cut rate coverage that won’t protect that investment fully. Call us today for a free quote or policy review and learn how you can bundle to save even more on coverage that fits you.