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Make sure you know exactly what your Home Insurance Policy covers and what not

What to consider when buying Home Insurance 

Work with one insurance company for multiple insurance policies to save on all premiums.

Increase your deductible for lower insurance premiums while maintaining coverage. You can save the extra money, should you need to file a claim.

Consider endorsements on your policy. These are amendments to guarantee that your valuable personal property will be covered in the event of a disaster.

Purchase Homeowners insurance that not only covers your home, but also the contents.

To accurately estimate the value of your household contents, keep a comprehensive inventory. It will also assist you to determine the coverage.

Purchase enough cover for the total cost of rebuilding your home.

The purchase price of your home is not the insured amount. Your land need not be covered. You need to be insured for the cost of rebuilding the home and replacing the contents.

One year up-front payment of the premium protects you from rate increases.

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Avoid home insurance pitfalls by reading the fine print

Beware of these Pitfalls while Purchasing Home Insurance

  • Read the fine print – Flood and earthquake insurance is not usually included in a basic homeowner’s insurance policy. If you live where these disasters occur, extra coverage is required.
  • Make sure you have sufficient liability coverage to protect you and your assets from any potential liability claims.
  • Don’t neglect installing security systems, performing regular maintenance and having protective items such as smoke alarms.
  • Saving money by reducing your coverage could end up costing you more in the long run, if disaster strikes your property
  • Most policies carry exclusions including flood, natural disasters and acts of war or terror. Make sure you find out what’s not covered.
  • Many policies don’t cover the entire cost of rebuilding in the event the home is destroyed by fire or other disaster.

To determine coverage:

  • Ask a home builder to estimate what it would cost to rebuild. That figure should be the basis for how much replacement coverage you need.
  • If you have anything of exceptional value, such as a family heirloom or art, you should purchase additional coverage for that.

 

More Interesting Information about your Home Insurance

Home Owners Insurance Pitfalls

Why should you get Homeowners Insurance?

6 Most common property mistakes

Why Insurance is a necessity

Why vacant property insurance is essential

 

 

 

 

Ref.: www.slideshare.net

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