It's important to educate yourself on what you need to make the best of your policy.
Here are some things to avoid: 1.
This one is not really about loss of your home, but about unnecessary loss of money.
May homeowners' insurance policies come as blanket covers that cover many risks.
On closer inspection, you may find that some of these risks do not really apply to you.
There may be, for instance, a risk for volcanic eruptions, but you may live far from any volcanoes.
If you comb your cover and identify any of these risks, ask your insurance company to remove them and tell them that you would not like to continue paying for them.
You will see a considerable reduction in your premiums.
2.
Insuring your home but not insuring those who work within it could land you in trouble.
These workers will be anyone who is doing work on the property under your employment, including those who live there, like nannies and caretakers.
In addition to making sure that it's a safe environment to work in, you need to make sure that they are covered.
You may be wondering about a safe environment; if you keep vicious pets for instance, it's considered unsafe.
This will obviously cost you more in premiums.
Be careful to make sure that in case of any accidents you don't have to pay out of pocket.
3.
Many people work from home these days and have set up elaborate and well equipped offices that have lots of valuable equipment.
Your home business is not covered by your homeowners' insurance policy.
Yes, they will only cover to the extent of the things that you use for hobbies, but if you have a business that's based in your house, you need to insure it separately.
In the event of any mishaps, if you hadn't taken insurance for your business, you will lose all your equipment with no recompense.
4.
Many homeowners' insurance holders make the common mistake of sending renewal instructions year in, year out without checking on what there are renewing.
There are several things that you should check for.
Insurance companies increase packages and therefore charges ever so slightly and you may end up paying for things that you do not need.
You need to watch for these additions.
Also, you need to check your insurance cover against what else is available in the market because that's the only way to make sure that you are still getting rates that are competitive.
Make it a point, not just for homeowners insurance but for all your policies to review before renewing.
These are only 4 things to look out for.
There are many more, and it's up to you to educate yourself as a homeowner and an insurance policy holder.
Here are some things to avoid: 1.
This one is not really about loss of your home, but about unnecessary loss of money.
May homeowners' insurance policies come as blanket covers that cover many risks.
On closer inspection, you may find that some of these risks do not really apply to you.
There may be, for instance, a risk for volcanic eruptions, but you may live far from any volcanoes.
If you comb your cover and identify any of these risks, ask your insurance company to remove them and tell them that you would not like to continue paying for them.
You will see a considerable reduction in your premiums.
2.
Insuring your home but not insuring those who work within it could land you in trouble.
These workers will be anyone who is doing work on the property under your employment, including those who live there, like nannies and caretakers.
In addition to making sure that it's a safe environment to work in, you need to make sure that they are covered.
You may be wondering about a safe environment; if you keep vicious pets for instance, it's considered unsafe.
This will obviously cost you more in premiums.
Be careful to make sure that in case of any accidents you don't have to pay out of pocket.
3.
Many people work from home these days and have set up elaborate and well equipped offices that have lots of valuable equipment.
Your home business is not covered by your homeowners' insurance policy.
Yes, they will only cover to the extent of the things that you use for hobbies, but if you have a business that's based in your house, you need to insure it separately.
In the event of any mishaps, if you hadn't taken insurance for your business, you will lose all your equipment with no recompense.
4.
Many homeowners' insurance holders make the common mistake of sending renewal instructions year in, year out without checking on what there are renewing.
There are several things that you should check for.
Insurance companies increase packages and therefore charges ever so slightly and you may end up paying for things that you do not need.
You need to watch for these additions.
Also, you need to check your insurance cover against what else is available in the market because that's the only way to make sure that you are still getting rates that are competitive.
Make it a point, not just for homeowners insurance but for all your policies to review before renewing.
These are only 4 things to look out for.
There are many more, and it's up to you to educate yourself as a homeowner and an insurance policy holder.
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