Whether it’s your first time purchasing homeowners insurance or you’ve done it before, it’s possible to make errors during the shopping process that can end up costing you quite a bit. Not all policies provide the same amount of protection or are designed to cover your unique needs, so it’s crucial that you take the time to make sure you get it right. Failing to do so can cause a major financial burden should disaster strike. The insurance agents at Phillip Kent Beck Agency are committed to helping the residents of Archdale and High Point, NC, choose the most suitable products according to their lifestyle and budget. Below, they discuss some of the most common mistakes consumers make when buying homeowners insurance.
3 Errors to Avoid When Buying Homeowners Insurance
1. Not Purchasing Enough Coverage
Underinsuring your home is the last thing you want to do. This means your policy won’t provide enough funds to repair or rebuild your house or replace your belongings should you ever need to file a claim. Buying just enough to cover the current value of the home or your mortgage loan isn’t likely to be sufficient.
2. Misunderstanding Policy Exclusions
Every homeowners insurance policy comes with exclusions. It’s not common for standard policies to cover damages caused by events such as floods or earthquakes. If you need coverage for these types of perils, you must purchase separate insurance to protect against these risks.
3. Focusing on Price
While it’s important that you purchase a policy within your means, focusing solely on price can leave you with significant gaps in coverage. It’s crucial to take several factors into consideration when selecting homeowners insurance. If you’re concerned with saving money on your premium, be sure to ask about available discounts.
The more educated you are on homeowners insurance, the better prepared you will be to select adequate coverage for your investment. Working with an experienced insurance agent can prevent you from finding out too late that your policy doesn’t cover your needs. Contact Phillip Kent Beck Agency at (336) 434-2111 to request an insurance quote, or you can visit them online for more information.