This coverage is about protecting your property and belongings at the time of tropical storms, hurricanes, torrential rains, and storm surges. You can purchase a flood insurance from the National Flood Insurance Program through our agency. It is suggested to buy your flood policy early on as there is a 30-day waiting period for it to take effect.
Don’t Think That the Insurance Will Cover Another Person’s Property
For example, you have a property that is rented by other people. If those people suffered a personal property loss, they would need to have their own renter’s policy in order to cover the liability and personal property. Your landlord policy cannot cover this type of loss.
Don’t Decrease Your Insurance to Lower the Payment
It is better to choose a strong insurance policy and then increase your deductible. Doing this, you will only deal with a deductible of about $1,000 or $2,500 after a major loss compared to having an “out of pocket” of about $175,000 for the replacement of your home belongings.
Be Clear About the Exclusions to the Coverage
All risk policies are not in existence anymore. In fact, it is not beneficial to users in high-exposure locations as they are cost-prohibitive. While your homeowner’s insurance plan can protect you in semi-major or major calamities, it does not work as a warranty plan.
Don’t Assume “Replacement Cost” Coverage Is Better Than “Actual Cash Value”
Selecting the Replacement Cost policy means that the items you have lost will be replaced without deduction for their depreciation. But with Actual Cash Value, you will only receive a reimbursement for the of the item in terms of book value.
Don’t Buy an Insurance for an Occupancy That is Incorrect
The people who are renting a house have a different insurance policy compared to those who live in their own house. Therefore, make sure that you have the right policy according to your home occupancy if you want your claim to be covered. It is also important to update your insurance in case your occupancy changes.
Don’t Focus Only on the Price
Just like in everything that you buy, the price is not important. When it comes to home insurance, understand the benefits that you can get from it. Find out if your cheap insurance plan has some important coverage, or the company is lacking in reinsurance.
Don’t Ignore the Pros of the Policy
When shopping for your insurance, it is best to know what kind of policy you need. Consult with your insurance agent to explain the specifics to you. Having enough comprehension about it can help you make the right decision. Should you decide to proceed without an agent, you will face the consequence in case of any problems with the policy.
We at Wellcovered Insurance, provide expert assistance to our clients in choosing the best deal within their budget. We are always ready to help and give our services. Feel free to contact us at (386) 218-4951. Get your free quote today by CLICKING HERE.