10 Things to Consider When Insuring Your Home

10 Things to Consider When Insuring Your Home

Getting this decision wrong can have long reaching consequences. Make sure you consider these things before you choose homeowners insurance.

  1. Appropriately value your homes value, replacement cost, or value of your possessions. Rebuilding a house at today’s costs can be more than the evaluated amount.
  2. Don’t overestimate what your insurance will cover.  Read the fine print and make sure your cherished items are included.
  3. Make sure your deductible is not too high or too low.  This is often an area where you can balance premium vs deductible to meet your needs.
  4. Don’t stick with the basic policy leaving out natural disasters. Consider the perils that your house could face.
  5. Consider your need for coverage for regional issues such as mold. A standard policy may not cover mold damage or sewage backups.
  6. Consider buying above the legally required amount of liability insurance. The minimum amount may go very quickly if someone is injured on your property.
  7. Consider worker’s compensation coverage for domestic workers in your home.  Your liability insurance may not cover incident with someone considered an employee.
  8. Changes that have been made or you are going to make to your home may need to be reflected in your homeowners insurance such as renovations, putting in a pool, or extensive landscaping.
  9. Take the time to make a proper photo or video inventory of your possessions and get evaluations done on high ticket items.  You will need to prove to your insurance carrier the value of your assets should they be destroyed or go missing.
  10. Do not choose your homeowners insurance coverage based on price alone. Read all the details and talk to your broker to make sure you are getting what you need.

At Mulligan Insurance we are just a Call Away from your getting Tailor Made insurance you need.   Lets get you a Do-Over and make sure you are property insured to protect your assets and lifestyle.

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