Most Americans understand that having homeowners insurance is a must. But because there are so many homeowners insurance options out there (and there’s just so much to know!), you might not be as informed about your coverage as you think you are. Unfortunately, these misconceptions often lead to costly mistakes. We’ll discuss just a few of those mistakes below. To avoid making them, be sure to work with a reputable insurance agency in Tampa with an agent who will answer all your questions and is dedicated to finding you a policy that fits your needs.
Making an insurance decision based on price alone
You know what they say: you get what you pay for. Of course, it’s understandable that you’ll want to save money where you can, and you certainly don’t want to overpay for your insurance policy. However, keep in mind that lower-cost insurance policies are priced that way because they don’t offer as much coverage. If you aren’t adequately protected under a multitude of circumstances, your more affordable choice won’t be worth it in the end. You should feel free to compare prices between insurers to find the policy that will fit your budget, but you should also work with your insurer to identify your exact coverage needs. Make sure your insurer is licensed to operate in your state before signing up for a policy, too.
Forgetting about flood insurance
Most homeowners who are on the hunt for an insurance agency in Tampa understand the need for flood protection, especially during hurricane season. However, standard home insurance policies do not provide flood insurance. In Florida, you can’t afford to skip this coverage. You’ll have to purchase supplemental flood insurance through a private lender or through the federal government’s National Flood Insurance Program. Some homeowners may be tempted to forgo this coverage altogether, but experts recommend that most people get it.
Assuming you know what’s covered
Even though home insurance policies can do a lot to protect your home, a given policy might not cover as much as you’d think. A recent survey conducted by the Insurance Information Institute found that 43% of homeowners erroneously believed that heavy rain flood damage was covered by their standard insurance policy. A lot of other homeowners think that they’ll be covered for a total rebuild in case of a fire or that their insurance coverage applies to mold damage, sewer system backup damage, or other natural disasters. Be sure you know exactly what’s outlined in your policy and what isn’t before working with any insurance agency in Tampa.
We understand how overwhelming the insurance purchasing process can be, but we’re here to help you avoid these costly mistakes. For more information on our policies or to get started on expanding your coverage, contact us today.