Mistakes are an inevitable part of life. But when it comes to homeowners insurance, they don't have to be. Awareness of the pricey pitfalls can help you save hundreds or thousands of dollars over the years.
One of the biggest mistakes homeowners make is being over- or underinsured. The additional cost of premiums for coverage you don't need adds up. However, if you don't have sufficient coverage, an unexpected event could be devastating.
Among the other costly mistakes homeowners make are:
Including the price of land in the amount of insurance coverage. You won't have to replace the land, so you only need coverage to rebuild your home.
Not reviewing policy needs and coverage amounts regularly.
Failing to update an inventory of personal possessions, jewelry, and other valuables.
Misunderstanding current policy limits and exclusions.
Confusing cash value and replacement cost coverage
Choosing the cheapest policy without regard to policy provisions.
As an agency with experienced agents, let us help you get the exact homeowner's coverage you need. Give us a call or send us an email to discuss your policy.