Home insurance

Are you confused by home insurance?  Maybe this will help –

Top 5 things to know about home insurance:

  1. Get into policy details:

    It’s wise to know about your insurance policy details i.e. what it covers or what not. Most insurance companies have built-in exclusions with their policies one should know about. Also, you should contact your agent and ask for add coverage for these exclusions. Ask your agent or company what your Replacement Costis on your home (cost to rebuild the home from scratch if you had a total loss). You may also find out that you might not be insuring your home for what it should be; some companies are allowed to insure homes for only 80% of the Replacement Cost.

  2. Pets are not covered:

    Some companies have strict guidelines in place for dogs in the home and on premise. This is due to a high increase of Liability losses that pertain to injuries sustained by your pet. Also, insurers has a list of Ineligible Breeds, you may not be aware about and could cause you to be non-renewed if a loss would arise. Ask to see if there is a list available from your insurance agent or company.

  3. Vacant house:

    One should contact the agent if there is a situation which would result in a vacant or unoccupied home. Some insurance companies can deny a claim if you have moved out of your home for over 60 days. There are also some companies that will deny a claim if you are no longer occupying the home and another person now lives in it. This implies even if other person is another family member.

  4. Lowest Rates can lead to under coverage:

    When one starts looking for a home insurance the first thing it does is to check which companies are offering the lowest possible rates. One largely goes for the lowest premium in most of time without comparing the features of home insurance policy. So, one need to compare the coverage of different policies and based on best coverage at lowest premium amount should be selected.

  5. One can get discount on premium amount:

    Most companies will offer discounts for certain things, like having more than one policy with the same company, being a long-time customer, being a claims-free customer, or even paying the premium in full. Check with insurance company prior to renewing the policy, you never know there may be chance to save on premium.

Top 5 things to know about home insurance highlights key facts one should keep in mind while going for a home insurance policy. 

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