Top 5 Home Insurance Mistakes and How to Avoid Them
Just got insurance and want to avoid common mistakes?
Imagine this: A sudden storm rolls through, and a huge tree branch crashes through your roof. Sounds like a nightmare, right? Now imagine finding out your insurance coverage falls short, leaving you with a bill you don’t have the money for. Unfortunately, this scenario isn’t uncommon. Many homeowners unknowingly make mistakes with their insurance that leads to significant financial burdens down the road.
At Glick Insurance Agency, we have over 75 years experience serving our community. We understand that navigating the world of home insurance can feel overwhelming. We’re not just here to sell you a policy; we’re here to be your trusted advisors by ensuring you have the right protection for your most valuable asset. That’s why we’ve compiled a list of the top 5 home insurance mistakes we see and, more importantly, how you can avoid them.
Here are the pitfalls to watch out for:
- Underinsuring Your Home: It’s tempting to insure your home for its market value, but that might not cover the actual cost to rebuild it from the ground up after a disaster. Construction costs, labor, and materials can fluctuate.
- How to Avoid: Partner with Glick Insurance Agency to get an accurate assessment of your home’s replacement cost. We’ll factor in all the necessary elements to ensure you have sufficient coverage to rebuild if disaster happens.
- Failing to Update Coverage: Did you recently renovate your kitchen, add a new bathroom, or build an extension? These improvements increase your home’s value and the cost to replace it.
- How to Avoid: Make it a habit to review your policy annually with your Glick Insurance agent after any significant home improvements. We’ll help you adjust your coverage to reflect these changes.
- Ignoring Flood or Earthquake Risks: Standard home insurance policies typically do not cover damage from floods or earthquakes. If you live in an area prone to these natural disasters, you need separate policies.
- How to Avoid: Discuss your location and potential risks with Glick Insurance Agency. We will help you assess your need for flood or earthquake insurance and secure the right coverage.
- Choosing the Wrong Deductible: A higher deductible usually means a lower premium, but it also means you’ll pay more out of pocket when you file a claim.
- How to Avoid: We’ll work with you to find a deductible that balances your monthly budget with your ability to handle potential unexpected expenses. It’s about finding the sweet spot that provides financial security without undue strain.
- Not Reviewing Your Policy Annually: Your life and circumstances change over time. Your insurance policy should reflect those changes.
- How to Avoid: Schedule an annual policy review with Glick Insurance Agency. We’ll discuss any changes in your life, such as new family members, significant purchases, or changes to your property, to ensure your coverage remains adequate.
At Glick Insurance Agency, we’re dedicated to providing personalized service and helping you navigate the complexities of home insurance with confidence. Avoiding these common home insurance mistakes is critical for protecting your financial well-being and your home. Let our experienced team guide you in making informed decisions and securing the right protection for your home.
Don’t wait until disaster strikes to realize you have gaps in your coverage. We’re here to help you build a solid foundation of protection for your home!
