The standard N.C. homeowners insurance policy is complex, with many different coverage options, exclusions, and add on endorsements, so knowing how it applies to your needs is beneficial should a loss occur. As a homeowner, you need the right kind of insurance protection that suits your home and budget; however many homeowners make mistakes that end up being costly. Knowing the 5 most common homeowners insurance mistakes may mean the difference in not having the coverage you need when you need the coverage the most.
Below Are the Most Commonly Made Mistakes When Purchasing Homeowners Insurance:
- Failing to do your homework- Cheaper does NOT mean better. Do your homework before simply purchasing a homeowners policy just because it is “cheap.” The cheapest insurance may leave you with holes in your N.C. homeowners insurance coverage and in the end, may be more costly.
- Buying N.C. homeowners insurance without consulting your licensed independent insurance agent- Your independent insurance agent can assist you with all of your insurance needs to ensure your home is adequately protected within a budget that suits your needs.
- Failing to insure your home for the appropriate amount- Your N.C. insurance agent can discuss with you, the amount best suited to provide the coverage your home deserves. If you should experience a devastating loss to your home, not having enough coverage could be financially devastating.
- Failing to have sufficient liability coverage- This one is a big one in terms of financial burden. Liability coverage protects you from lawsuits that may arise if someone is seriously injured while on your property due to your negligence. An increase in your liability limits is nominal; however, lawsuits come with a hefty price tag.
- Buying a homeowners policy without knowing the exclusions- This is where your N.C. independent insurance agent can guide you through the exclusions, so that possibly adding on coverage with endorsements may give back the coverage you may need down the road.
One Size Does Not Fit All
Even though many insurance agents may market a homeowners policy as if one size fits all, you need to know the facts. Just like each home is unique, so should the coverage that protects it. Call our office today at 866-869-3335 so we can answer any of your questions regarding your N.C. homeowners policy or assist you in building a homeowners policy specifically to fit your needs and budget.