Common Home Insurance Mistakes That May Be Costing You Money

Buying a house is not only one of the biggest purchases you’ll make in life but also one of your largest assets. A home requires protection and the most common form of protection is your home insurance. If you’re not careful, you might make one of these costly mistakes when protecting your home.

Being captivated by the lowest price

Have you ever heard the saying, “it’s too good to be true?” Well, in the case of home insurance, many home owners can get stuck on getting the lowest price. However, what they don’t see is the coverages and/or quality may be taking a big hit to get you there. This can cost you BIG if there is a home claim!

Using multiple insurance agents for your insurance

It’s better when they’re together. In addition to having one point of contact, your agency will be better equipped to review your entire portfolio “holistically”, identify gaps in coverage, and make more personalized recommendations.

Not keeping your home insurance agent in the loop

If you’ve added a bathroom, screened in your pool, or gave your kitchen a facelift, you need to ensure your insurance agent is aware!  Not doing so could jeopardize the settlement amount in the event of a claim.

Not understanding the restrictions on your policy

I’m sure the first thing you do when your home policy comes up for renewal is sit down and read through it, right? Not everyone has time to do that, but not being aware of the restrictions or exclusions on your policy can be a costly mistake.

Keeping your deductible too high or too low

Determine your out of pocket threshold and select your deductibles accordingly.   Deductibles are not one size fits all. Too low of a deductible could result in paying unnecessarily high premiums. Too high of a deductible could put you in an uncomfortable position if you do have to file a claim.

Not getting an updated Wind Mitigation

Missing out on getting a Wind Mitigation may be one of the costlier mistakes. Wind Mitigations are what allow us to add credits to your home policy for your roof and other items. When you get a new roof, always think about getting a new Wind Mitigation so you receive the credits you’ve earned!

Ignoring flood insurance

Many people feel that if they don’t live in a high-risk flood zone, they don’t need flood insurance. But according to the Insurance Information Institute, 25% of flood claims come from people in low-risk or “no” flood insurance areas. It can be a costly mistake to not evaluate your flood risk.

As always, the team at Bouchard is here to help you with any questions you may have about insurance. Be sure to speak with your agent to make sure you’re getting the most out of not only your homeowners insurance, but all of your insurance.


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Christin Snow is a Personal Lines Account Manager at Bouchard Insurance. Christin is experienced in all lines of personal insurance. | Connect on LinkedIn