It can be easy to think that if we just have insurance coverage for our possessions that we're secure. In reality, individuals and families can make simple mistakes when it comes to property insurance coverage, and this can leave policyholders devastated when disaster strikes. It's important to understand the common mistakes people make when it comes to property insurance, and learn how to avoid them to ensure proper coverage, better premiums, and great help when it's needed most.
Not Updating Your Coverage When Changes Occur
Just as a home can change over time, so can the needs of your Homeowners Insurance Policy. Renovations or additions to a property can increase the value of a home, so Homeowners Insurance should be adjusted to reflect the change in value. Additionally, other factors can impact Homeowners Insurance premiums such as when policyholders install security systems, or when a fire station is built nearby.
Failing To Insure High-Value Assets
Homeowners Insurance policies cover possessions in the home in the event of a fire or other disaster, but basic Homeowners Insurance coverage does not take into account high-value assets such as expensive jewelry, furs, artwork, antique furniture, valuable collectibles or irreplaceable assets. These precious assets should be covered separately by an Inland Marine Policy to ensure their higher value is protected in the event of a theft or fire.
Not Getting Flood Coverage
One of the most common ways homeowners experience property loss in Houston is through flood damage. Because of Houston's lower elevation and proximity to the Gulf of Mexico, Houston homeowners are much more likely to experience flooding from heavy rains, poor property drainage and street flooding. However, many homeowners either skip it altogether, or are completely unaware that Houston homeowners need a separate Flood Insurance policy to coverage property damage from flooding. These homeowners receive a devastating surprise when they learn their Homeowners Coverage does not include loss due to flood damage.
Aegis is a Houston-based insurance agency that specializes in creating customized insurance solutions that meet the unique insurance needs of individuals, families and businesses. The friendly and knowledgeable agents of Aegis can help you identify your specific insurance needs and goals, and can help clients save money in annual premiums by bundling policies together for maximum savings. Contact Aegis today for more information at 713-850-7622 or go online for a free quote today!