If you’re new to home ownership, chances are you’re unfamiliar with how to buy home insurance. As a result, you may make quite a few mistakes when buying a policy. With the help of an experienced agent from Familia Insurance Agency, you can avoid common mistakes that can weaken your coverage or raise the cost of your policy. Working with a pro can help you avoid costly mistakes like the following:
Compromising Coverage for Price
Be leery of compromising coverage for the price. A “good deal” on your premium really isn’t all that good if the policy doesn’t provide the protection you need. Your goal should be quality home insurance at a cost you can afford.
Not Reviewing Policy
Many homeowners buy a policy with a “general knowledge” of what it says instead of reading its entirety. As a result, they often misunderstand or even miss important aspects of their coverage. Not knowing your full coverage could work against you when making a claim.
Over-insuring Property
Failure to review your policy could result in your paying extra for non-essential coverage for your Kissimmee, FL home or paying for higher coverage limits than you really need. By taking the time to review your policy, you can avoid mistakes with over-insuring your property.
Under-insuring Property
Ideally, your dwelling insurance should cover the cost of replacing your home in the event it’s destroyed in a disaster. Too little coverage could cost you thousands of dollars in repairs out of pocket.
Choosing Actual Cash Value over Replacement Cost Coverage
When insuring personal goods, you have a choice of actual cash value or replacement cost coverage. Actual cash value reimburses you for the current value of an item less depreciation. Replacement cost pays to replace the item you lost, saving you money in the long run.
To avoid costly mistakes on your home insurance coverage, contact the professionals at Familia Insurance Agency in Kissimmee, FL.
