Owning a home is an amazing feeling, but it also comes with a set of essential responsibilities, such as maintaining homeowners insurance. Most property owners only pay attention to the premium amount, which could end up costing you money. While it's important to cut expenses wherever you can, it's critical that you don't make one of these five mistakes when it comes to your homeowners insurance.
Don’t Waste Money on These Homeowners Insurance Blunders
1. Assuming Coverage
Many people think that their homeowners policy covers sewage, mold, and flood insurance, but most of the time it doesn’t. Carefully read the fine print of your plan to confirm if you need to buy additional coverage.
2. Not Asking for Discounts
Many insurance companies offer discounts for clients who combine multiple policies, install a security system, or pay in full. Remember to ask your insurance agent about available rate reductions.
To reduce their premiums, many homeowners choose to underinsure their properties. They opt to cover the amount of their mortgage instead of the full replacement value of their home. While it may save money in the short-term, it's incredibly risky in the event of an emergency. If you home is damaged beyond repair, you may not have the funds to rebuild or may be forced to pay out of pocket. Talk to your agent about options to help you maximize your homeowners insurance within your budget.
4. Having One Deductible
Did you know that there are different deductibles within your homeowners insurance policy? Review your coverage details carefully to ensure you have the deductibles you may need in case of an emergency. Typical incidents, such as hail, might have a smaller deductible, but more unusual events, like high winds, might fall under a higher one.
5. Forgetting Upgrades
Have you recently updated your property? Document the values of your improvements with your insurance agent. In the event of a disaster, you ideally want to maximize the replacement value of your recent renovations.
BestRate Auto Insurance provides the perfect combination of insurance coverage, customer service, and affordability to the residents of Statesboro and Vidalia, GA. When you work with this top group of insurance agents, they ensure that you get the best rate for your budget. To get a quote, call (912) 489-5942 or visit online.