Since the 04 hurricanes, the majority of the homeowner insurance companies have restructured their policies to a more basic form with the option to add various coverage’s to customize your policy˳ This is a good thing so long as your agent lets you know what additional coverage’s can be added to your policy˳
When obtaining a quote for homeowner insurance, keep in mind that not every company is going to offer the exact same basic form of coverage’s˳ This is where the buyer has to be aware˳ Because insurance agencies offer different companies with various levels of competitiveness, some agencies delete valuable coverage’s to lower their premiums˳
Here is a list of various coverage’s that you need to review to make sure you have on your policy˳ Most of these endorsements can be added to your policy for an additional premium˳
1) Replacement cost for contents-this endorsement changes your claim payout for your contents from actual cash value (depreciation) to reimbursing you for full replacement cost˳
2) Sewer Backup- this endorsement will provide coverage if your plumbing or toilets back up into your home˳
3) Screened pool cage coverage- most policies either exclude this coverage or limit the coverage to 10,000˳ If you own a pool screen you have to make sure you have adequate coverage as your screen is usually the first to go when a hurricane occurs˳
4) Animal liability- Some of the largest liability claims that occur under a homeowner policy pertains to animal issues with dogs leading the pack˳ If you own an animal please make sure your policy offers coverage for this exposure˳
5) Sinkhole coverage- Believe it or not, this coverage with a lot of companies has to be endorsed back on the policy to provide coverage˳
Some agents don’t offer these coverage’s when quoting so you think that agency offers a competitive price˳ However, at the time of application is when the agent asks if you want to amend your policy by adding these coverage’s˳ Some people being stressed because of a closing on the home just tell the agent to write it with or without the additional features because they are out of time to change to another agency˳
Of course this is not the norm but it most definitely occurs more than you might think˳ Don’t panic just beware that you have to understand your policy˳ The best time to do this is when you are obtaining quotes before the time of application˳
Source by https://ezinearticles˳com/?5-Homeowners-Insurance-Tips-You-Cant-Live-Without&id=2714962
