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Finding Enough Insurance Coverage

When it comes to making sure that your home and family are safe and sound, few things are as important as choosing the right insurance plan. About six months ago, my home burned to the ground, and without the right insurance plan, we would have been toast financially. Fortunately, because we had prepared properly, we didn't have any problems when it came to making sure that we could rebuild our place. This website is here to help anyone who might be struggling with which insurance policy to choose. Check out this blog for great information on finding the perfect policy.


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Finding Enough Insurance Coverage

Getting A Home Insurance Quote: 3 Costly Mistakes To Avoid

by Jason Prescott

When getting a quote for your homeowners insurance, you will make to make sure that you are getting the best possible coverage at the lowest possible price. Unfortunately, far too many people fail to accomplish this goal. In many cases, this failure will be the result of a few common and rather costly mistakes. Thankfully, you can avoid making these mistakes by taking just a few minutes to review the information below.

Mistake #1: Overestimating Your Rebuilding Cost

This particular mistake is extremely common and can be extremely costly. When purchasing a home insurance policy, you will want to ensure that you have enough coverage to cover the cost of rebuilding your home if it is ever destroyed in a fire or natural disaster. The problem is that many people confuse the cost of rebuilding their home with the current value of their home. 

When rebuilding your home, you will only be responsible for the cost of rebuilding the actual structure. These costs do not include the land that your home is built on since you already own that property. Since the value of the land is included in the value of your home, your home's estimated value will actually be considerably higher than your estimated rebuilding costs. Consequently, if you choose an insurance policy based on the value of your home, you will be paying for more insurance coverage than you actually need

Mistake #2: Not Reporting Security Upgrades

If you have made any security upgrades to your home, such as installing an alarm system or security cameras, you will want to report these upgrades to your insurance company when requesting a quote for homeowners insurance. This is because most insurance companies will provide you with a discount when making these types of upgrades to your home. However, it is common for insurance companies to only provide these discounts to individuals who specifically inquire about them. Consequently, a failure to make your insurance company aware of these upgrades could be costing you a considerable amount of money in the long run.

Mistake #3: Failure To Add Necessary Perils

There are several perils that are not included in a traditional home insurance policy. For example, flood insurance is often excluded from standard policies. While adding this coverage may increase your monthly payments slightly, a failure to add this coverage could leave you dealing with high out-of-pocket expenses in the long run. Consequently, making sure that you have included all the necessary perils is the best way to manage your long-term costs.