Insurance

COMMON MISTAKES WHEN WE TAKE PROPERTY INSURANCE Not having enough coverage One of the most common mistakes people make with their property insurance is not having enough coverage. It is important to make sure your policy provides enough coverage to rebuild or repair your home or business in the event of a loss. This means considering the current cost of construction materials, labor, and other costs, not just the purchase price of your property. Not reviewing your policy regularly It is important to review your property insurance policy regularly to make sure it still meets your needs. As your property and circumstances change, your insurance needs may change as well. For example, if you make renovations or upgrades to your property, you may need to adjust your coverage. Regularly reviewing your policy will ensure you have the protection you need. Failing to properly document your possessions It is important to document your possessions, including taking photos or videos and keeping receipts or other proof of ownership. This will make it easier to file a claim and receive full compensation for your losses in the event of a disaster. Not purchasing additional endorsements or riders Additional endorsements or riders can provide additional coverage for specific items or situations that may not be covered under your standard property insurance policy. For example, you may want to purchase a rider to cover valuable items like jewelry or artwork. Not understanding your policy’s exclusions Every property insurance policy has exclusions, which are types of losses or damages that are not covered under the policy. It is important to understand what is excluded from your policy so you are not caught off guard in the event of a loss. Not shopping around Shopping around for property insurance can help you find the best coverage at the best price. Don’t just go with the first policy you see; ...