In America, the average homeowner pays upwards of $800 per year for homeowner’s insurance. While comparing a home insurance quote in Wichita KS can help one get a competitive rate, cost should not be the only factor considered. Low-cost policies usually don’t offer the coverage one needs, and that can get expensive. Whether one is buying coverage for the first time or they’re renewing coverage, they should avoid these mistakes.
Underinsuring the Home
Over 60% of homes are undervalued, which means the homeowner doesn’t have enough coverage to replace it if it’s destroyed. To avoid this mistake, contact a replacement cost estimator to find out how much it may cost to rebuild the home. The estimate may cost several hundred dollars, but it’s very beneficial. It’s also important for homeowners to consider the value of upgrades to the home.
Assuming There’s Flood Insurance
Floods are the most common disaster in the US, but flood insurance is not part of a conventional homeowner’s policy. Those who live in flood plains must buy this coverage to get a mortgage, but those living in lower-risk areas should consider it as well. It’s not possible to stop Nature, but having flood insurance can help one replace the home if disaster strikes.
Not Learning About Deductibles
Many aren’t aware that the deductible can increase in certain situations such as named storms and earthquakes. Avoid the mistake by understanding the deductible, which can help one avoid huge unexpected expenses at an already financially stressful time.
Thinking Mold Damage is Covered
Many homeowners’ policies don’t cover damage related to mold, and removal can be very costly. Adding mold insurance to a homeowner’s policy can be expensive, but it can save money in the end. Consult a home builder and ask for a mold risk assessment, and buy coverage accordingly.
These are just some of the mistakes homeowners should try to avoid. If one is not sure whether their homeowner’s insurance policy is sufficient, or if they are not satisfied with their coverage, they should visit andywoodwardinsurance.com today. The team will be happy to help customers find the right home insurance quote in Wichita KS for their needs.
