10 Mistakes You MUST Avoid With Home Insurance
Home insurance is notorious for being complicated to understand, purchase, and sometimes even file a claim. By avoiding a few common and uncommon mistakes, you can have a smooth sailing experience with all things home insurance, especially with Bubble.
1. Not comparing policies and insurance companies
Home insurance policies and coverages can vary with policies and insurance companies. And even states, for that matter. Shop for policies and compare premiums against coverage with each policy that you find to be a good fit for you. Also, check the prices for add-ons and such so you’re clear about how much you need to pay out-of-pocket.
2. Not getting enough coverage
You’re going to protect your home. Don’t skimp out on the money. Let that not scare you away either. If you talk to our expert advisors you can navigate various policies and understand what coverages and add-ons your home needs. Cheaper policies may not give the necessary coverage and your out-of-pocket expenses may be higher than you’d think.
3. Not insuring home for replacement value but for market value
The market value of your home need not be the same as the replacement value of it. Your dwelling coverage should consider the amount it would take to replace/rebuild your home and not what it would fetch you in the market. Bubble’s expert advisors can help you calculate your dwelling value and get you enough coverage accordingly.
4. Not maintaining your property
Homeowner’s insurance is a much-needed financial cushion for your home. If you take care of your home & property, you may not even need to make a claim. If you take care of your health, you won’t need to visit the doctor as much would you? Apply the same to your property. Regular inspections, installing necessary systems & equipment, and maintaining the structure of your home and surrounding areas help keep the insurance claim at bay.
5. Not knowing what you own
A common mistake most homeowners make is to not keep an inventory of their belongings. Your home insurance policy will cover personal belongings too. Keeping track of everything you have in your home will be crucial during a claim if there’s extensive damage. During such times, you won’t be able to list out items just out of memory.
6. Not understanding your policy correctly
Don’t be in a hurry to buy your insurance policy. Prepare in advance. Shop around and talk to experts. Our advisors are happy to take you through every detail of the policy ensuring you don’t miss out on knowing what you’re buying. For example, water damage coverage and flood damage coverage aren’t the same.
7. Not checking for discounts
Several insurance companies offer various discounts if you meet the criteria set by them. Never forget to bring it up with your insurance agent/advisor so you can get the right discount on your policy. From married couples to bundling different insurance products, there will be discounts that you can surely be eligible for.
8. Not filing the claim immediately
There’s no benefit to waiting to file a claim after there’s damage to your property. In fact, the damage could get worse with time. Filing a claim quickly ensures you don’t waste time delaying repairs/replacements and get on with your life.
9. Not getting the right add-ons
A good policy protects your home from almost every unexpected disaster. That means, considering the necessary add-ons that your basic policy might need. If your area is prone to winds and rains, it’s important to get the right coverage/add-on that protects your home from storm damage, floods, and water damage.
10. Not documenting the damage
We’re quick to clean up any mess in our home. But this is the one time you need to hold back and wait. You could miss out on claiming an item that was damaged and you threw it away. If you have to clean up, first take sufficient photos and videos from all angles so every bit of damage is evident along with keeping the repair estimates handy.
