Homeowners insurance secrets agents wish you never found
Understanding Policy Exclusions
One of the lesser-known aspects of homeowners insurance policies is the list of exclusions. Most standard policies do not cover damage caused by natural disasters such as floods or earthquakes. Homeowners living in high-risk areas should consider purchasing additional coverage to protect against these events3. It's also important to note that certain high-value items like jewelry or art may have limited coverage under standard policies, necessitating additional endorsements or riders for full protection.
Maximizing Your Coverage
To ensure you're getting the most out of your homeowners insurance, regular policy reviews are essential. As your home and belongings change over time, so should your coverage. Conducting a home inventory can help you assess whether your current policy limits are adequate. This practice not only aids in determining the right amount of coverage but also speeds up the claims process in the event of a loss4.