Homeowners have to carefully look at all the terms and conditions mentioned in their home insurance. Right? But, does that really happen? I mean, who has the time to get into the details when they can look through the key points of the insurance and sign the deal?
If you did the same while getting your home insurance, or in fact, any insurance policy, then you’ve stepped with the wrong foot forward. This blog is here to help. Coming straight from the experience of Charla Brotherton Insurance Agency, mentioned here are a handful of the common mistakes homeowners make while selecting their insurance.
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Mistakes You Probably Made While Getting Your First Home Insurance
Let’s glance through some common mistakes most people make when searching for and selecting their first home insurance.
1. Assuming That Flood Damages Are Covered
Home insurance seldom pays for the water damages done by external water sources such as floods. This means that most home insurances do not cover water damages from broken levies, flooding, etc.
So, make sure that your home insurance covers flood damages.
2. Fail To Compare The Premium Offers
Home insurance prices vary from company to company. It may so happen that one company’s insurance is more expensive than the other during a period. Whereas, it can be affordable by next year. Therefore, it is best if you compare the rates on a regular basis.
Shop for the best deals in Fort Worth because the price is important.
3. Choosing A High Deductible
Charla Brotherton Insurance Agency strictly warns the homeowners against high deductibles. Choosing a high amount also increases your responsibility in the claim. A higher deductible also means that your premium will be reduced, which you don’t want to.
So, before moving forward, ensure that you do the math and calculate how much you are actually saving.
4. Underestimating Your Personal Belongings Value
Homeowners usually end up underestimating the value of their personal belongings. Some even do so on purpose to save on insurance. However, they forget that it may cost them in the event of a total loss! In most cases, owners calculate their personal belongings from electronics to clothing, only to find that their valuation crosses $100,000 easily.
5. Forgetting To Mention Major Changes
Certain changes in your home also affect the coverage of home insurance. So, you must provide exact information about it to your insurance representative. The major changes impacting your insurance may include:
- Homeowner getting married.
- Getting a dog from a restricted breed list.
- Remodeling the kitchen, or any other part of your home.
- Adding a bedroom.
On the whole, there are a lot of mistakes that first-time home insurancers may make. Therefore, it is important to consider these mistakes to get the best return on your home insurance.