Homeowners Insurance. Don’t Worry, You’re Covered?
Emily Morgan | May 17, 2018
“Who is this?”
“It’s Jake, from State Farm.”
Yes, we all know Jake from State Farm and if you don’t, you should! Finding the right home for you is hard enough, but when you add on fees and insurances things start getting out of control.
This is the point where I’m going to stop you. Insurance doesn’t have to be complicated when you listen to the right people. Now, I’m not going to sit here and pretend to know everything there is to know about home insurance, but I can at least help you in the right direction, so here are some tips:
Flood insurance is a separate entity. Flooding can happen anywhere, so having insurance might be something to think about wherever you are. Not only that, but it is separate from your home insurance, so make sure you’re covered.
Yes, make an inventory list.You’ve worked hard for the things you own; so own them! When making a claim, you will be asked to list everything anyway, so you might as well get a jump-start. It’s better to maximize your imbursement rather than go for a loss on everything.
Medical Expenses are for your guests. Insurance that covers medical accidents are for your guests. Just in case that party you were hosting gets a little too crazy, you’ll be covered for any accidental mishaps.
You may need additional insurance for valuables. Unfortunately, home insurance doesn’t cover everything. Make sure everything is listed and those things that aren’t covered under the selected limit, might be worth looking into.
Keep up with maintenance. Home insurance does not cover things like mold, so by keeping up with routine maintenance, you can better prevent uninsurable problems. Prevention is the key when it comes to owning a home.
Always read carefully! When it comes to your policy, read and re-read! Let’s say that you have to live in a hotel while your home is being fixed or remodeled, some policies will reimburse you and some leave you hanging. Each policy is specific to you. As much as it sucks to read all of those pages, it is good know what’s covered vs. what isn’t.
Home insurance doesn’t cover market value. It covers only rebuilding or replacement value. No your mortgage banker won’t make sure you have enough to cover everything; they only care about the money you owe them.
Owning a home is one of the biggest steps you take in your life! By taking the time to learn more about the myths and facts about insurance, you’re able to ask the right questions when you’re investing.
For a full list of what to watch out for, check out this link: