Spring is finally here! It is that time of year when families are cleaning out their closets, cupboards and scrubbing their homes. It is also a good time to spring clean your insurance policies. If you have not checked your coverage in a while, this is a good time to review your policies and potentially shop around for better quotes and coverage.
Why should I shop my insurance policies?
Insurance is competitive and the best rate you received a year or two ago may not be the best rate today. Insurance carriers periodically adjust their rates, so it is a good idea to ask your agent to check with other carriers every 3 or 4 years for other options, or if they can’t do that, to contact an independent agent who can.
Who has time to contact so many insurance carriers?
We agree! That is why an independent agent is a good first call. An independent agent will take your info, current coverage and needs and shop around to get the best coverage and prices for YOU. An experienced agent can identify what coverage you may be lacking as well as areas you may be over-insured and overpaying.
Misconceptions About What Your Homeowners Insurance Covers
While each policy will differ, it is important to understand exactly what is covered in your policy. While spring cleaning your home, be sure to check under the fridge and under the floorboards as you may find some things that could wreak havoc on your home. Below are a few commonly misunderstood perils in a standard homeowner’s policy.
Mold – Since mold is considered preventable by the homeowner, it is generally not covered by homeowners’ insurance. Some carriers may offer additional coverage at an additional price.
Termites – and other bug damages are generally not covered by your homeowner’s policy. Like mold, insurance companies generally consider termite damage preventable.
Sewer Backups – Sewer backups are not generally covered by homeowners’ insurance. Unfortunately for many homeowners, America’s sewer lines are rapidly aging. Keeping an eye on your plumbing system and pipes is critical and you may also want to consider extra coverage on your policy especially if you have an older home.
Flood/Water Damage – Most policies don’t cover flood or water damage. This is a tricky area because insurers will sometimes cover ‘sudden water damage’ but it specifically pertains only to certain types of causes. Water damage due to a leaky pipe over time, for example, is generally not covered because it is expected that homeowners maintain their pipes. A sudden and accidental pipe burst, however, may be covered.
Flooding from surface/subsurface water is also not covered by a homeowner’s insurance policy. If you live in a flood zone or near any type of body of water you should consider purchasing a flood insurance policy. If you buy a home in a flood zone, you are in fact required by your mortgage bank to purchase flood insurance.
Looking for an agent to help with your insurance policy spring-cleaning? Contact a Brooks, Todd & McNeil Agent and get started.
Disclaimer: house cleaning not included.