Common Homeowner's Insurance Mistakes

1/29/2021 (Permalink)

Photo by David Veksler via Upsplash

Your home is likely the biggest investment you will make.  Is it properly insured?  Making insurance mistakes can be costly.  Your claim could be denied, which can be a surprise if you think your covered and you’re not. 

Underinsuring your home

It is a common thought to purchase the least amount of coverage in order to save money.  Don’t just buy enough insure to cover your mortgage, buy enough to completely rebuild your home if necessary

 Overestimating the amount of insurance coverage you have

Insurance policies are complex documents, that we often don’t always read all the way through, resulting in not really knowing what is or isn’t covered.  Ask your agent to summarize your policy for you and don’t be afraid to ask questions.

 Sticking with the basics

Generally speaking, most policies protect from tornadoes, lightning, fire and hail.  Typically, they won’t cover floods, earthquakes or hurricanes, sewage back-ups or mold.  Depending where you live, you may need to add on coverage

 Setting your deductible too high or too low

While we are trying to save money, setting your deductible too high or too low usually backfires.  With too low of a deductible, we pay more when something goes wrong.  Too high and end up with larger premium payments.  Experts suggest deductibles at $500 or $1000

Are you dealing with a water, wind, fire or mold issue in your home?  Call SERVPRO of Norwich and Windham County at 860-887-0447.  Our trained technicians will make it "Like it never even happened."