Homeowners insurance doesn’t offer unlimited coverage for every possible mishap. Contact an insurer and discuss homeowners insurance in Glendale, AZ, to get expert advice. Here are some of the bigger myths about homeowners insurance that you may want to know.
Coverage Should Match a Home’s Value – You’ll want to carry enough insurance to cover rebuilding your home in the event of a loss. The purchase price may be more or less than that.
My Business Is Covered – Most home insurance policies exclude business liabilities. You will need to consider purchasing a business insurance policy that includes property and liability coverage.
Flood Damage Is Covered – There are some instances when your homeowners insurance policy might cover water damage, but a flood isn’t one of them. You’ll need a separate flood insurance policy.
Jewelry and Family Heirlooms – Standard home insurance policies include limited theft coverage for jewelry and valuables. If you have jewelry or other items that are worth more than your policy’s limit, you’ll need to raise the limit on your policy.
Termite Damage – Termite infestation is usually excluded from standard homeowners insurance policies. Insurers expect us to maintain our homes. An infestation can arise from a lack of proper maintenance. Have your home regularly inspected for termites and work with a pest control company to eradicate any issues.
Many people know that bundling insurance coverages with the same company can save you money or that being claims-free may give you a discount. However, there are also some less obvious credits for homeowners insurance in Peoria, AZ, that people may not know about.
Home Improvement Credits – When people update roofs, windows, or wiring, many risks will be reduced. Make your insurance company aware of home improvements to see if you get credits.
Loyalty Credits – These are discounts an insurance company may provide to long term customers.
Good Credit Score Discount – Homeowners insurance providers have found that a good credit score is directly related to lower claims incidence.
Gated Community or HOA (Homeowners associations) credits – Living in neighborhoods with increased security, like camera monitoring and 24-hour security guards, may qualify for discounts.
New Homeowner Credit – It is not available with all homeowners insurance, but if you are a first-time homeowner, it is worth asking.
Alarm Systems (monitored) – Do not forget to tell your insurance company about all monitored alarm systems.
Dry Hydrants (for rural areas without a fire hydrant) – Investment in a dry hydrant may save significant money on home insurance premiums.
Non-Smoker and Other Personal Discounts – You may be eligible for other discounts based on your occupation or employer, membership in organizations, whether you have a university degree, etc.