What homeowners should know
1. Be leery if the price seems too good to be true - that could mean the policy is not comprehensive. Be sure to ask.
2. Use an independent insurance agent who can shop various carriers -
3. Bundle with the same agency to get package discounts. Even if the home and auto policies are with different carriers the agency can provide you a package discount.
4. Insurance premiums can change from year to year. The main reason is that insurers' projections for theft, weather related damage and other claims settlement change from year to year so the base rates will reflect this. Budget accordingly.
1. Keep an inventory/receipts/serial numbers, video of your property. Know your stuff. After a burglary or fire, policyholders sometimes cannot remember everything they owned and then end up not claiming it.
2. It only costs 25/year to go up from 300,000 of liablity to 500,000 of liablity or $200/year to add $1M umbrella for most households.
3. Flood damage is not covered on your home insurance. Flood insurance is always recommend. If you are not in the 100 year flood plain, flood insurance runs about $1/day - it is very affordable. AC units outside cost around 5-10K and are very vulnerable to flooding.
4. Do not assume you are covered for a certain event. Take a few moments to think about your major exposures and ask your agent if you have coverage for it. For example, do you live on a busy street? Ask your agent if you have coverage if a vehicle hits your house.
5. Always add valuable items to your policy like jewelry, guns, fine arts, antiques because your policy caps these coverages at $1,500 per category. Some people do not know that if they do not declare a specific value for antiques or collectibles or fine arts, they would only get the functional value of that item, not the higher value so get appraisals to protect your investment and discuss these high value items with your agent.
6. Always let your agent know if you have a dog, pool, trampoline so they can insure you for that. Also if the property is vacant or no longer owner occupied, very important to know that your policy will void if the occupancy has changed so be sure we know if there's been a change so you can be properly insured.
Please contact us at Suzanne@suzannebrownagency.com to discuss your insurance if you have questions or visit us at www.SuzanneBrownAgency.com