5 Mistakes Homeowners Make When Buying Insurance

Saturday, November 1, 2014, AM | Leave Comment

Purchasing home insurance is one of the most important things a home owner can do to protect their property and personal items. Additionally, these insurance plans are required if you have a mortgage on your home. Purchasing the right plan for your home is essential.

5 Mistakes Homeowners Make When Buying Insurance

Understanding the five most common mistakes that happen when purchasing an insurance policy will help you avoid these problems.

  1. Not Purchasing Enough Coverage

    One problem that many homeowners have when they purchase a policy is not buying enough coverage. Your home insurance policy must be able to cover the expense of replacing your home at market value.

    If your home has significantly increased in price, you need to make sure it is insured correctly.

  2. Not Covering High Dollar Personal Items

    If you have expensive jewelry, furniture, collectibles, or artwork in your home, it is always recommended that you carry a separate rider on your policy to cover these specific items.

    Regular home insurance may not cover the full value of these items if there is a loss without this type of policy in place.

  3. Not Purchasing Flood or Weather Insurance

    Flooding is never covered in a home owner’s policy. This is a separate insurance program and needs to be purchased separately.

    Additionally, in some areas where special weather events occur often, such as hurricanes, sink holes, mud slides or earthquakes, you will need to purchase a separate policy to cover these events.

  4. Not Working With an Agent

    It has become very common to just purchase a home owner’s policy blindly online. You may believe that you are getting a better deal.

    Very often, however, you miss out on purchasing the right insurance policy for your home this way.

    Working with an insurance agency like Meyer’s Insurance Ltd allows you to take advantage of their knowledge and expertise.

  5. Not Asking For Discounts

    Many insurance companies provide discounts to their clients if they meet certain criteria. Different programs may include discounts for senior citizens, first responders, teachers, and military personnel.

    Other discounts may include discounts for living near a fire station, having a brand new home, and combining your policy with other insurance products from the same company.

Purchasing the right insurance at the right price is possible, but it takes a little effort. You need to make sure that you always have the right coverage for optimal protection. Working with an insurance agent will help you avoid many of these insurance mistakes.

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