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Top 3 Mistakes in Buying Homeowners Insurance

We all make mistakes in life. We’re only human. However, when we’re taking out insurance coverage, it’s important that we are mindful not to make common mistakes. Unfortunately, that’s easier said than done. When you are choosing homeowners insurance in Antioch, CA, it’s easy to focus on price or undervalue your belongings, essentially purchasing the wrong coverage. In your time of need, your home insurance steps in to help, but only if you have the right policy. In order to help you secure the right coverage at the right price seamlessly, take a look at these common homeowners insurance mistakes.

 

Avoid These Mistakes When Taking Out Home Insurance

 

  1. Considering only cost, not value

Many homeowners are, understandably, concerned about the cost of their premium. However, another top priority concern should be to consider the amount of coverage you are buying. If you are shopping for home insurance, don’t just pay attention to the bottom line. Instead, look at the coverage and the value you are getting. In most cases, the cheapest policies do not offer the best value of cover. Instead of being concerned about the monthly premium, first determine what coverage your home needs, and then work with an insurance agent to make these payments more affordable.

 

  1. Underinsuring your home

Experts say that one of the most common homeowners insurance mistakes is the failure to have enough insurance on the property if it is destroyed. That means that if a disaster does occur, the homeowner could be on the hook for the remaining expenses once the policy has been exhausted. In many cases, this could be tens of thousands of dollars that the homeowner needs to pay out of pocket. It’s a common mistake that homeowners insure an amount equal to the current value of their homes. It’s recommended that homeowners calculate how much it will cost to rebuild their homes and then insure to that amount.

 

  1. Undervaluing your personal property

It’s common for homeowners to undervalue their possessions and, therefore, purchase insufficient coverage. It’s recommended that homeowners conduct a personal inventory of possessions and value items based on replacement value. Most homeowner policies have limitations on jewelry and collectibles, which may require the homeowner to purchase additional coverage. If you have items on high-value, talk to your insurer about how to properly safeguard these possessions.

 

What Can I Do to Secure the Right Home Insurance?

  • Do your research about what coverage you need and why
  • Take a home inventory to calculate the total value of your belongings
  • Shop around for insurance, comparing coverage as well as the price
  • Work with a qualified home insurance agent

 

These tips help you to understand the common mistakes homeowners make when purchasing coverage. When you’re ready to secure a quality homeowners insurance coverage, talk to the friendly experts at Jack Stone Insurance Agency. We serve Antioch, Brentwood, and surrounding cities in California. Contact us today to get started!

 

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