The Importance Of Familiarizing Yourself With Your Insurance Coverage
If you’re a homeowner, one of the most important things you can do is to familiarize yourself with your insurance policy – and make sure that you understand it in detail. Why? Let’s discuss the importance of knowing your insurance policy now.
Policy Exclusions In Your Homeowner’s Insurance Policy Could Cost You Big
Depending on your policy, you may have policy exclusions that mean you’re not protected from some of the biggest causes of property damage, such as:
- Water damage
- Flood
- Hurricane
- Appliance leaks
- Roof leaks
- External water damage
You may need to add additional coverage to protect your home from these risks. In some cases, like flood insurance or hurricane insurance, you may even need a completely separate policy. If you don’t understand your policy exclusions, you could be left high and dry if your home is affected by an excluded event.
Read Every Paper Your Insurance Company Sends You – Look Out For Changes!
Your insurance policy is always subject to changes. From changes in your deductible to additional exclusions and other changes in coverage, there are many occasions when your policy may change.
Whenever you’re sent information about your homeowner’s insurance policy, you should read it thoroughly, to see if there are any changes or additional exclusions that have been added to your policy.
If you have any questions, you should contact your insurer directly. They can help explain policy exclusions and changes, so that you can take action to add more coverage, if necessary.
The Benefits Of Knowing Your Deductibles And Policies
So, why bother with all this? There are a few great benefits that you’ll enjoy if you take the time to understand your deductibles and policies.
- Peace of mind – You will always know exactly what is – and isn’t – covered under your policy, and you can make any necessary changes.
- You’ll be prepared – Families are often surprised by an unexpectedly-high deductible or other hidden costs after a disaster. If you’re familiar with your policy, this won’t happen.
- Save money – In some cases, you’ll be able to eliminate unnecessary coverage, or even identify areas of your policy that allow you to get discounts for making improvements. For example, impact-resistant windows in a hurricane-prone area may qualify you for a discount.
Protect Your Home And Finances With Proper Insurance Coverage
Your home is the largest investment you’ll ever make in your life. Therefore, it’s absolutely essential that you familiarize yourself with your homeowner’s insurance policy – as this is what will protect you from catastrophic losses if something happens to your home. Stay updated, and make sure you’ve got the coverage you need!
Recent Comments