There are a few things in life that is as stressful as buying a house. That is, until something goes wrong with it. After moving into your home, the real work comes with some common pitfalls that we will discuss below.
Being Underinsured
Most homeowners underestimate the amount of their personal belongings. Though it is important to have your property appraised, that alone is not always enough.
To get the most coverage, you should factor in the value of everything inside your dwelling, not just what it would cost to repair. From the improvements you have made and appliances you have updated to the furniture, clothing and electronics, you will need to account for everything that would have to be replaced.
Ignoring Routine Maintenance
All homes require upkeep, some more vital than others. Neglecting routine maintenance could even lead to a fire or a flood. Homeowners are more likely to file an insurance claim for water and smoke damage than any other type.
Homes do not come with an owner’s manual, so it is a good idea to make and follow a home maintenance checklist that includes doors and windows, the washer and dryer and fire prevention equipment.
Making Assumptions About Your Insurance Policy
Every home insurance policy has a deductible. Do you fully understand what it means? If not, it is important to get to know how it works and what out-of-pocket costs you will be responsible for in the event of an accident.
When you have a higher deductible, normally you pay less in premiums on a monthly or yearly basis. Before you decide to increase or decrease your deductible, make sure you know how the different claims will play out.
All homes, even a brand new one, can and will experience unexpected issues. Most of these issues are preventable with a little bit of know-how. Call the insurance experts at R.C. Keller & Company. They have been serving the community since 1910 and are willing to help you. Give us a call today at 847-907-4520.