Becoming a homeowner is a major life accomplishment that comes with a great deal of risk and reward. The most important step you can take to protect your investment is buying adequate home insurance. Having proper coverage can determine whether you face significant financial hardship or experience a smooth recovery should disaster strike. As such, it’s vital to avoid these common mistakes. 

Costly Home Insurance Errors You Don’t Want to Make 

1. Focusing Only on Price When Shopping

As you’re shopping for insurance, it’s natural to compare policy premiums between different providers. However, price shouldn’t be the sole factor you base your coverage decisions on.

This can leave you vastly underinsured, which means you’ll have significant out-of-pocket expenses if your home is damaged or your possessions are stolen. It’s essential to purchase enough coverage to pay for the cost to rebuild your home and replace your belongings in the event of a total loss. 

2. Not Understanding What Your Policy Covers 

Many people buy home insurance without knowing what coverage they’re getting. A standard policy has several specific exclusions you need to be aware of, such as damage due to flooding, earthquakes, mold, and sewer backups. You may also be responsible for certain maintenance to your roof or plumbing—otherwise, your insurer could deny your claims.

3. Failing to Update Coverage When Necessary

Once you have coverage in place, review your policy often to make sure it still provides the appropriate amount of protection. Any time your home is remodeled, you’ll need to update your coverage to include the upgrades or additional square footage.

This is also the case whenever you acquire valuable items, such as jewelry, artwork, and collectibles. Failing to make the necessary changes can cause you to be insufficiently insured should you need to make a claim.

When it comes to protecting your most valuable asset, you want to make sure you get it right. The team at Michael E Glick Insurance is prepared to help you find the insurance coverage most suitable to your needs while keeping costs manageable. Since 1991, they’ve proudly provided residents in Boerne, TX, and throughout Hill Country with high-quality products and personalized service. Call (830) 816-9488 to discuss your options or schedule a no-charge review of your current policy. Visit them online to request a quote.