A home insurance policy is one of the most important investments you can make, protecting your most valuable assets and personal possessions from disaster. Unfortunately, choosing a policy can be confusing, and many homeowners don’t find out that their coverage is lacking until they need to file a claim. Following certain do’s and don’ts on purchasing and owning home insurance below will prevent unpleasant surprises and provide priceless peace of mind.
Check your personal property limits.
The standard homeowner’s insurance policy includes coverage for a certain amount of personal property, usually based on a percentage of the value of your home. However, this coverage is limited by categories, so you might not be as well-protected as you think. For instance, your policy may include $50,000 of personal property protection, but only $2,000 for replacing stolen jewelry. Check to ensure your possessions are covered and consider buying additional insurance to protect especially valuable items.
Make a home inventory list.
If your home is damaged or destroyed, telling the insurer exactly what was lost will expedite the claim and ensure you’re compensated fairly. Make a comprehensive list of your most valuable items, including serial numbers and descriptions, and update it at least once a year.
Forget to update your policy after an upgrade.
Did you put a new roof on the house this year, or install hardwood floors? Any time you make an update that increases the value of your home, review your homeowners insurance policy and increase your limits to reflect those improvements.
Buy the cheapest policy.
Many homeowners choose their policies based on the premium alone, but that can leave you with inadequate coverage. Consider how much coverage each policy provides, what your out-of-pocket costs will be for different claims, and the insurer’s reputation with its customers before selecting home insurance coverage.
For more than a century, Texas County Mutual Insurance has helped homeowners throughout the area protect what matters most. Because they’re owned by their policyholders, customers only receive coverage tailored to their needs from friendly agents dedicated to their interests. Visit their website for more on their products and services, or call (573) 674-3125 to request a home insurance quote from their office in Licking, MO.