The biggest investment most people make in a lifetime is the purchase of their home, and most people keep their most valuable possessions inside their homes. It’s scary to think that your home and property could be lost or damaged instantly and without warning due to fire, weather, theft or some other unexpected event. One of the most common mistakes people make when purchasing homeowner’s insurance is undervaluing the replacement costs of their belongings, and they usually do not realize they’ve undervalued any of their property until it’s too late.
Purchasing the proper insurance coverage based on your home’s value, the property contained within, and other factors, including environmental threats specific to your home’s location, will provide you with peace of mind and a sense of security. At Brown & Brown, we have experienced professionals ready to sit down with you and go over your property, assets, and insurance needs in order to make sure that you are keeping your valuable investments adequately protected.
Don’t forget Flood Insurance!
During the course of a 30-year mortgage, your home is nearly 26 times more likely to be damaged by flood than fire, yet only 25% of homes in areas most vulnerable to flooding actually carry flood insurance. Always remember that investing a little can save you a lot!
Why do you need homeowners insurance?
- It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That’s important because chances are your home is likely one of your largest investments.
- If your home was destroyed by fire or damaged by a natural disaster, you’d need money to repair or replace it.
- If a guest in your home is injured, liability protection and medical coverage help pay expenses.
- If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
- If you are still paying for your home, your lender will require insurance.
It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what’s included and what is not.
Things to consider and questions to ask your agent
Here are a few things to discuss with your agent that will influence your decisions:
- How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed? (Ask your agent to talk you through your home’s features and the things you own so you can make an informed decision about coverage.)
- Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
- What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)
- What’s the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)