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Are you finding the right insurance?
Sep 29, 2015
Adapted from Analise Smart Metro News
Daniel Mirkovic, specializing in home insurance, shares his top insurance mistakes.
1. Improperly describing how the home is used.
In addition to telling your insurance provider that the property is your primary residence, you also have to let them know if you are renting out a room.
Failure to disclose this can void your entire policy. It will cost more if you disclose, perhaps an extra $50.00 a year.
2. Not having information on your home.
The electrical system, the plumbing or knowing when the hot water tank was last replaced are common questions the insurance proveider may ask to ascertain the risk component.
If you don’t have this information some companies will not be able to issue a policy.
3. Named Perils Only
To save money people will often insure their home against specific types of damage. Mirkovic says it is better to go for a comprehensive policy(these will cover everything except what is specifically included, typically war, terrorism and overland flooding). He suggests saving money by not insuring items that you could deal with losing or can afford to replace yourself.
4. Selecting deductibles that are too low.
Some companies will offer low deductibles based on amounts decades old when people did not make as much money. Your monthly payments will be much higher if you choose this option.
It doesn’t make sense to go with anything lower than $1000.00 according to Mirkovic.