10 Mistakes Made When Buying Home Insurance

Most people think home insurance is a one and done, fix-all for their protection, but that is most certainly not the case. From covering your belongings, animals, pool, and what’s going on inside the house, we’ve got ten things for you to keep in mind when you go to meet a representative from an insurance agency. 

1. Thinking like a “cookie cutter”:

Home insurance is complex, and coverage can differ drastically from company to company. Always enlist the help of a professional risk manager to make sure you have the right coverage for your home. Your most valuable asset, is too valuable for you to make a mistake setting up coverage yourself. Once you have a loss, you cannot go back and amend coverage, so any mistake on your policy could result in you paying for that loss yourself.

2. The pesky natural disasters: 

Do buy the “Increased Cost Endorsement”. If a catastrophic event occurs such as a tornado, flood, fire, ect., and builders/building materials are in short supply, it will give you additional money to get your property fixed immediately, rather than waiting for prices to come down.

3. Quick! Save the jewelry!:

If you have valuable items such as jewelry, watches, furs, silverware, firearms, fine arts, collectibles, hobby equipment, ect., they must be scheduled on your policy to have coverage in case of theft or damage. 

4. Splish splash, it’s a money bath:

If you have a swimming pool, make sure your insurance company is aware of it and lists it on the application. Almost all companies require that the pool be fenced, locked, and sometimes covered when it’s not in use, to provide coverage for the liability arising from your pool. For a moment, imagine the difficulty if the neighbor kids sneak in and use your pool, then tragedy strikes. Your insurance will likely be there for you as long as you have secured it properly and declared it to them, if not though, you could be facing hefty bills to cover something that was never really your fault.

 5. The bite is worse than the bark:

Liability coverage for your animals behavior is critical, and varies from company to company; make sure your company is fully aware of your animals and is covering them. A severe dog bite can cost tens of thousands of dollars, and without explicit coverage, you may be on your own to handle the damages caused by your fluffball.

6. There’s mud in the water:

Water backing up through the drain or sewer system is not covered by homeowners insurance.  Make sure you have purchased the “Water Backup of Sewers and Drains Endorsement”, otherwise that stinky, mess will be yours to deal with.

7. Your morning sky will not be lit with a burning love:

Make sure you have the “Ordinance of Law” coverage on your policy. If you have a fire and they disconnect the utilities, you will be required to meet modern code to get your utilities back.  Standard policies do not cover that extra cost, so you need to have this endorsement!

8. Go-go-karts, scootin’ scooters, and more!:

Vehicles licensed for road use are never covered by a homeowners policy. If you have motorized items not licensed for road use, or used to service the residence premises, such as: boats, ATV’s, mopeds, scooters, snowmobiles, golf carts, go-karts, and so on, inform your agent and they can be covered on your home policy, as long as they are only used on your property.

9. Come together, don’t separate:

If you own vacant land, you can extend the coverage from your home, to that land, much less expensively than getting a separate policy.

10. 3, 2, 1, aaaannnnd action:

Always do a walk-through video of your house and its contents. If you have a total loss, it is very difficult to remember everything you lost, and you also need to prove your loss for certain items that you want replaced. Taking a video, narrating it, and then emailing it to yourself in the cloud, will help make your recovery exponentially easier.

We here at Howard Webb Insurance just want to see you be successful and safe in your life, call, (765) 644-8847, or email, quotes@howardwebbins.com, today to discuss your options and any questions you may have regarding your insurance plan! 

** This list is in no particular order. This list is meant as a general guideline to purchasing insurance and does not apply to all insurance agencies and situations. You should always obtain coverage advice that has been reviewed by an insurance professional that is licensed in the state in which you reside. This is purely an informational list for you to consider. **

Article written by contract writer and digital media coordinator: Candace Cox. You can reach her at socials@howardwebbins.com or candacecox96@gmail.com.