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How to Protect Your Home and Property

Jul 10, 2020

Owning a home is an amazing achievement and you want to protect your investment as fully as humanly possible. While there is no way to avoid any and all situations that could ever occur, having top-notch homeowners insurance is a great place to start. Once you have this in place, you should be covered in terms of whatever issues arise. The best way to ensure that you have the ideal insurance for your situational needs is to speak to an insurance professional, keeping these important points in mind:

 

Coverage Gaps

 

Simply having a homeowners insurance policy will not guarantee complete coverage for all items lost or for all causes of such loss. Your state may not have any minimum insurance requirements and your mortgage lender may not ask that you insure your home for its full value, but doing the bare minimum could leave you in a lurch. Being underinsured can be costly and leave you paying a large amount of out-of-pocket costs. Additional personal insurance options can help fill these gaps, but it is always a good idea to get insurance for the full replacement cost of the house. 

 

Flood Insurance 

 

Many homeowners insurance policies only cover flooding that’s caused by the house itself, such as bursting pipes or faulty structures, and too many homeowners have learned the hard way that there are many causes of flooding that are far beyond their control. Even if you live in a low-risk area, flood insurance is a good idea, because nature is incredibly unpredictable and you don’t want to be left holding the bill for a natural disaster. Ask your personal insurance agent about national flood insurance and additional flood coverage. 

 

Liability Coverage 

 

As with other aspects of insurance, the average minimum of $100,000 in liability insurance quite often only covers a fraction of your potential damages and loss of assets. If a lawsuit occurs, you could actually lose everything you own. If your assets exceed the minimum coverage, discuss adding an umbrella policy to increase your limit and protect yourself and your property. 

Your homeowners insurance policy should include liability coverage to an amount that is at least as much as your assets, if not more. Bear in mind that there are numerous perils that can lead to lawsuits such as slander and libel. 

 

Lower Your Insurance Premiums

 

The insurance industry is a competitive one, so there are often ways to lower your premiums. Many insurance companies sell several different types of insurance, and they often offer discounts for purchasing numerous policies from them. Bundling your auto insurance and homeowners insurance, for instance, can help you save a significant amount of money. You can also lower your premiums by raising your deductible, though this choice may not be the right one for every homeowner. Home improvements can also affect your premiums, such as installing energy-efficient appliances, new plumbing, or an advanced security system. These features lower the risk of adverse events and therefore they can lower your payments as well. 

While it is understandable to want to get your money’s worth from your insurance, filing many claims in a short period of time can make you appear to be a higher risk and thus increase your rates. Sometimes it is worth letting a couple of hundred dollars go rather than face higher monthly or yearly payments indefinitely.

 

Rest easy with peace of mind when you go through a dependable insurance agency like Oliver & Associates, LLC. We’ll talk over your needs and the little details so that nothing is overlooked. You’ll have the right coverage for your personal insurance with a smooth process to get everything ironed out. 

 

Contact us today for more information. 

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