Most people do NOT argue about the importance of a home insurance policy. But while you rejoice that your home is covered, there are a few things to check again so you can be really sure you got it right. Let’s take a look at them…
1. Are you sure you got the right type for your needs? It’s important to note that there are as many as 8 different levels of coverage with this policy. You can buy a policy that gives you a high level of coverage for your home and household items including other valuables. But at the same time, you can get the bare-bones minimum.
2. Even after choosing the best policy of you, you could have valuables that cannot be covered by any standard policy. Things like diamond rings and the Picasso might fall into this category. You have to know when you need a rider and when you need a floater. Make sure you know exactly what you need to do to ensure you have sufficient coverage.
3. Make sure sure you have read and understood the exclusions section of your policy very well — Those are areas that your policy doesn’t cover. This is not a place to make any assumptions. You don’t want to discover when filing claims that you paid premiums faithfully for policy that did NOT provide coverage for the things that matter most to you.
4. Do you know that flooding is generally NOT a part of your homeowner’s insurance policy? Coverage for water damage is often misunderstood to represent coverage for flooding. Please it isn’t so. If you’re sure yours is different, do ask your agent. It won’t hurt too if you get a confirmation in writing from your insurance provider.
5. Do you have a solid plan for your deductibles? Yes, you’ll have to take this into serious consideration especially if you chose very high deductibles. Putting away enough money to handle this aspect is a really smart move.
6. Did you take time to check your insurance provider’s claims history? What do resources like BBB say about them? Have you made efforts to find out how they handle claims?
7. Which does your policy have: “Guaranteed Replacement Cost or “Replacement Cost”? Take note that “replacement cost” does NOT mean “guaranteed replacement cost”. Make sure you find out for sure what you’ll get in the event of a loss.
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Tags: home, home insurance, Insurance