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Common Homeowners’ Insurance Mistakes To Avoid


We know that buying a house is hard nowadays as the market constantly increases in price. If you managed to purchase your first real estate property in Rockland County, the best thing to do of course is to maintain it!


Sometimes, unexpected things happen such as natural disasters, fire, robberies, and all unfortunate instances. This is why homeowners’ insurance is a must. Unfortunately, there are some mistakes that homeowners make when it comes to their coverage. What’s worse is they only find this out once they need their coverage and it’s too late.


Do not be one of these homeowners and make sure to avoid these common mistakes in purchasing home insurance.


Not Buying Home Insurance At All

The state of New York does not mandate every homeowner to buy home insurance. However, not buying one can be a great mistake.  There are risks in not having home insurance. The biggest of them all is that you won’t have protection for your losses if accidents, fire, theft, and disasters occur.


Home insurance will cover repairs if ever such cases happen and not having your home covered is more expensive than monthly payments. If a property has no insurance, the owner would pay everything out of their own pockets in case these situations happen.


Not Understanding Water Damage

Most home insurance policies cover water damage that occurs within the property. These can include leaks and burst pipes. Some homeowners assume that water damage covers damages from floods and storm surges – but this is far from the truth!


If you live in an area prone to flooding, it’s better to purchase flood insurance. Floods are common in the United States and can cost you thousands of dollars. With the right agency, you can protect your property from floods with an affordable amount.


Not Customizing to Preference

In some cases, homeowners purchase home insurance just for the sake of it. They avail the basic home insurance plan and call it a day. This is a missed opportunity because they can have add-ons on their home insurance for better coverage.


With a little increase on your monthly fee, you can have better coverage for your home with add-ons. Some add-ons include swimming pool coverage, equipment breakdown coverage, and buried utilities.


You customize add-ons based on your lifestyle and the things you want to protect. Do you know that jewelry and fine art are not covered in standard insurance policies? With add-ons, you can reimburse these possessions if ever they got stolen or destroyed.

With add-ons, it’s like you’re extending the protection you give to your home.


Underinsuring Your Home

Underinsuring means that your standard coverage won’t be enough in case a significant portion of your house gets destroyed. For example, when a flood causes $100,000 worth of damage on your home and your policy only covers half of it.


One of the reasons why it happens is because of the rising cost of materials needed when building a house. Because of inflation, your fixed claim will only get you less the time you need it. Other reasons for underinsurance are failing to report to your insurer once home upgrades are done and being insured for actual cash value instead of replacement cost.

The best way to combat underinsurance is to have your home insured based on replacement cost. With this policy, your property is insured for the amount that will cost to replace it if disaster happens.


Also, it is best if you don’t skimp on home insurance. A report says that two out of three homes in the US are underinsured and you don’t want to be one of the people pulling money out of their pockets when disasters hit.


Not Consulting Joyce Insurance Agency

If you’re looking for homeowners’ insurance in Rockland County, NY, then not consulting Joyce Insurance Agency is a mistake. For two decades, we have provided the best and affordable insurance options in the area. With our agency, your home is in safe hands. Give us a call today or get a free quote and see how we can help you! 

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