7 Common Home Insurance Mistakes and How to Avoid Them
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Home insurance is a vital safeguard, but many homeowners make mistakes that leave them underprotected or overpaying. GoToInsure highlights seven common pitfalls and how Atlantic Canadians can avoid them.
1. Underestimating Your Coverage Needs
Many homeowners only insure their home’s market value, not its replacement cost. Ensure your policy covers rebuilding your home at today’s prices.
2. Not Reviewing Your Policy Regularly
If it’s been years since you updated your policy, you may be missing out on discounts or adequate coverage for renovations or new belongings.
3. Ignoring Flood or Water Damage Coverage
Standard home insurance doesn’t cover all types of water damage. In Atlantic Canada, where flooding is a risk, consider adding this coverage.
4. Choosing the Cheapest Policy
While cost is important, a low premium often means less coverage or higher deductibles. Focus on value over price.
5. Failing to Document Your Belongings
In case of theft or damage, having a home inventory with receipts and photos can make the claims process smoother and faster.
6. Neglecting Liability Coverage
Liability protection is crucial if someone is injured on your property. Ensure your policy offers enough coverage to protect your assets.
7. Not Asking About Discounts
Many homeowners miss out on savings opportunities. At GoToInsure, we’ll help identify all available discounts to maximize your savings.
Avoiding these mistakes ensures you get the coverage you need without overpaying. Reach out to GoToInsure for a comprehensive policy review and personalized advice tailored to Atlantic Canada’s unique needs.