The Winning Team

Here are 10 mistakes to avoid:

  1. Underestimating the value of your home and possessions. It's important that you truly understand the actual cost of rebuilding your home and replacing your possessions. This is no time to "guesstimate". You'll need to perform an accurate inventory of your possessions, and have an up-to-date cost of what it would take to rebuild your home at current market rates.

  2. Choosing actual cash value instead of replacement cost. A common mistake many homeowners make is purchasing a policy that pays out the actual cash value of their belongings instead of the replacement cost. The problem with this is that many of your belongings will cost more to replace than their value at the time of the loss, meaning you'll have to cover the difference out of your own pocket.

  3. Underestimating the risks to your home. Extreme weather events can place your home at a higher risk for certain damages that may not be covered in a basic policy. Ask me about enhanced coverages.

  4. Failing to update your Home insurance coverages. If you've acquired any new possessions, or made upgrades to your home, it's time to update your Home insurance policy.

  5. Neglecting to bundle your policies. When you bundle certain policies, you may be eligible for discounts. I can review your portfolio to make sure you're receiving all of the discounts available to you.

  6. Underinsuring your home to save money. Many new homeowners make the mistake of purchasing the minimum amount of insurance to meet their mortgage requirements. This can be a huge mistake when it's time to file a claim.

  7. Not communicating the big life changes. If you get married, or get a pet, your Insurance Advisor needs to know.

  8. Thinking your policy will cover someone else's personal property. If you are renting out your home, your Landlord policy will not cover anyone else's possessions. Your tenants need to have their own Renters policy to cover their personal property and liability.

  9. Sticking with just the basic coverages. If you have significant assets, it's worth getting an Umbrella policy to extend your coverages beyond the limits of your standard Homeowners policy.

  10. Skipping renters insurance. Renters insurance covers damages or theft of your personal property, personal liability damages, and/or emergency medical expenses for guests and additional living expenses if you need to temporarily relocate.

We’ll work with you to avoid these - and other - insurance pitfalls. Contact us to review your Home insurance policy.