Las Vegas Homeowner's Insurance - Costly Mistakes
Most of us have insurance on our home because our mortgage company requires it but are you adequately covered? If not, it can be very costly to you. Below are common insurance mistakes that you may not realize that you are making.
1. Buying the least expensive policy available
You might save a few dollars by buying the minimum amount of coverage that you are required to. But, if a claim ends up being more than your coverage, you are still responsible to pay the rest. Your assets can be taken or you wages could even be garnished.
2. Assuming that all items are covered
Policies limit the amount of coverage for certain higher value items. Do you have antiques? Diamond wedding ring? Big screen television? Expensive musical instrument? These items could fall outside of a typical homeowner”s insurance policy. You can easily have these items covered by contacting your agent to add additional coverage or “scheduling” these items.
3. Forgetting to pay your insurance bill
If you do not pay your bill on time your insurance company may cancel you and you will not be covered. It is wise to set your insurance payments up on automatic withdrawal or have your insurance premium paid through your escrow account by your mortgage company.
4. Not knowing what other types of coverage you have
Is your home covered if you have a flood? Earthquake? Tornando? Fire? What about vandalism? What if a neighbor’s child falls off your trampoline? Are you coved if someone is hurt in your pool? Talk to your agent and find out what other types of coverage are available and which ones you may need.
5. Not bothering to have an umbrella policy
It was once thought that these policies were for wealthy people. This is not true. Is you annual combined household income worth protecting? What if someone got hurt at a party at your home? A million dollar umbrella policy can be purchased for as little as $100.
6. Not consulting with an agent
You should have an insurance agent that you trust. The expertise of a professional agent is extremely important to protect your assets and make sure that you are adequately covered.
Date: Tuesday, November, 20th 2007 @ 11:16:11 PM
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Views: 205
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