Mistakes to avoid when purchasing homeowner’s insurance

Purchasing a home is a big investment. This is true whether the home is a primary residence or rental property. To protect their investment, homeowners in Tennessee turn to home insurance.

Unfortunately, purchasing home insurance can often be a complex procedure. As a result, many homeowners err along the way. Here are some of the most common mistakes.

Lowballing on the insurance

Sure, underinsuring a home may save an owner thousands of dollars over the years. However, if disaster strikes and the home is completely destroyed, the home insurance will not be enough to compensate them for their loss.

According to Nationwide, it is important to choose insurance coverage that covers rebuilding the home and replacing personal possessions. Homeowners should also select sufficient coverage to offer protection if someone sues after being injured on the property.

Not taking advantage of discounts

Home insurance is often expensive, but homeowners might save a few bucks if they qualify for discounts. Many insurance companies may consider lowering the premium based on special qualifications. See a few of these below:

  •          Bundling home, auto and other types of insurance under the same company and/or agent
  •          Installing wind-resistant shutters
  •          Installing smoke detectors
  •          Installing sprinklers

Not customizing the policy

Standard policies may seem like a lot less headache. However, it is a good idea to comb through them and double-check to see what is covered and what is not. Is flood insurance included? What about earthquake damage?

Forbes reminds homeowners that not everything is automatically included. Homeowners should ensure they are insured against the natural disasters that are most prevalent in their areas. Some insurance types, such as flood insurance, may need to be a separate policy.

Solid insurance coverage is one of the best ways to protect real estate. It won’t stop hurricanes or put out forest fires, but it makes the recovery process a whole lot easier. Homeowners may find peace in that and sleep a whole lot easier, come what may.

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