Buying home insurance is an important way of keeping a home safe from damage, but many Collierville, TN residents don’t fully understand the buying process. That’s why we’re here to point out some common mistakes and why they should be avoided when buying home insurance.
Focusing Only On The Policy Cost
Trying to save money on policies by getting the cheapest possible one is a major mistake. Why? It often leaves you with inadequate coverage that may leave your home at serious risk. For example, if you fail to buy a “valuables insurance” coverage option, your collection of rare comic books will not be covered if they are destroyed in a fire.
Ignoring Flood Insurance
On that same note are the problems that occur if you ignore flood insurance. Floods in Tennessee are common due to the heavy rains in spring and fall, making it necessary to invest in this important additional coverage. Even if you’re in a low-risk area, a full 25 percent of all flood claims come from areas considered to be at a “low risk” for flood damage.
Failing To Check For Policy Updates
People who purchase home insurance need to ensure they have followed the latest policy updates. For example, people who buy a policy and then add a major change to their home, such as a pool or a second story, need to update their policy to cover these new additions to their home.
Making “Renters Insurance” Mistakes
If you rent out a home, its inhabitants need to get their own renters insurance to cover their belongings. Your policy will only cover your personal items in the home, as well as the home. This is a serious mistake because it can leave your renters in a precarious situation and may even lead to angry and financially devastating lawsuits.
Finding The Best Policy For Your Needs
Collierville, TN residents that want to avoid these simple mistakes should turn to Brock and Poole Insurance Agency. They offer a variety of great coverage options that can make your home insurance situation that much easier to manage.