3 Mistakes Homeowners make on their coverage

Agents rarely tell you three important points to consider when purchasing homeowners insurance. Point 1: Your deductible is 1% of the total value insured. That's right; If your home is insured for 200,000 then your deductible at the time of a loss is 2,000. This can be lowered to 1/2 of 1% for very little money but you generally will need to ask about it and get the pricing. Also ask about even lower deductibles. Point 2: Jewelry is covered up to a max of $500 or $1,000. The way to increase this is to either; a-schedule the jewelry by having appraisals done and submitted to the insurance company. or b-ask the agent to increase jewelry limit to $5,000 without an appraisal. Point 3: Check your liability limits before you accept the policy. For years agents simply put $100,000 liability limits on policies and bad things resulted. Persons who are guests in your home can and will sue you if they are injured on your property. Don't settle for low liability limits. Ask for the highest limits available especially if you have a swimming pool. A personal liability policy may also be need if you are a high net worth individual. This policy can provide liability limits over and above the limits on your homeowners policy.

Help for insurance buyers

Today The Insurance Advocate arrives to provide help to the end user of insurance products. We do not sell insurance as we were founded to provide unbiased information on insurance products provided to both individuals and businesses.
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