Homeowners’ Insurance Mistakes to Avoid

by Barb Perruccio & Britt Glassburn 07/14/2019

Mistakes are inevitable in life with their consequences varying in severity. However, some mistakes are best not made because when they happen, they could cause you thousands to fix and set you back lots of time and effort. Here are some of the top homeowners’ insurance mistakes that you should avoid at all cost.

  1. Selecting A Good Insurance Company. When choosing an insurer, you need to go for a company with competitive prices, excellent rating and quality customer's feedback. A common mistake that homeowners make is selecting a company by price alone. Choosing by price is a risk you must not take. Before you settle down with any insurance company, check the financial health and ask friends and families about their various experiences with the insurer. You need a company that is known for competence and handles claims fairly and efficiently.
  2. Dropping Flood Insurance. Should your home be situated in a flood-prone area, it is best to make sure that you have flood insurance. Standard homeowners and renters' insurance policies don't cover for damages resulting from floods. Such insurance coverage is available from the National Flood Insurance Program [NFIP] or any of the private insurance companies.
  3. Overlooking Renters Insurance. This insurance policy covers your possessions and some additional living expenses if you must move out due to an insured disaster like a hurricane or fire outbreak. In cases whereby a member of the family suffers an injury in such a catastrophic event, the insurance provides protection and care too which ensures that you can give them the best of care.
  4. Not Knowing Exclusions. Not understanding the exclusions is a common mistake that homeowners make, and It comes with not reading the fine print thoroughly. Many home insurance policies come with tons of exclusions, and it is your job to make sure that significant claims are insured. For instance, if you stay in a flood-prone area, making sure that the insurance policy covers such a disaster is very paramount. Don't make this mistake!
  5. Getting Less Coverage to Cut Cost. Many have made this mistake, and they ended up spending more than they would have. Don't ever under-insure your home in other to cut cost. That will be a grave mistake you will end up regretting. Sit with your insurance specialist and discuss the various insurance packages and the one best for your home. Having the best coverage is for your safety and also for your wallet.

Take your insurance agent as a friend and don't hesitate to communicate whenever there is a significant change in your home like fencing your home or turning your garage into a store. Keeping your agent up to date is very important. If you haven't reviewed your insurance policy to know what protection it offers you, do that now to be safe.

About the Author
Author

Barb Perruccio & Britt Glassburn

BARB PERRUCCIO / MANAGING BROKER

I have been a Wash Park resident and investor for 20 years and a dedicated real estate professional for the past 14 years. I have a degree from Arizona State University from the College of Engineering and Applied Sciences, Graphic Communications in Printing Technologies. I worked in Sales in the Advertising and Marketing industry in Manhattan for 12 years, San Francisco for 2 years and chose to settle in Denver to raise a family. I now have 3 beautiful children and enjoy living and working in Wash Park!

As a Realtor in Colorado, I have leveraged my sales and Sr. Management skills to ensure each and every transaction runs smoothly. As a Certified Negotiation Expert (TM) in real estate and with over 33 years of sales and marketing experience, I am a strong negotiator and will negotiate diligently on your behalf.

Whether you are planning to buy, sell, build or invest in real estate, I have the knowledge to guide you through the process smoothly and take great care in providing the best and most professional service!  My goal is to build strong relationships in our community one person at a time.

BRITT GLASSBURN / BROKER ASSOCIATE

I have lived in the Denver Metro Area on and off since 1977 and have been investing in the Denver Home Market since 1993. This included doing fix and flips and owning rental properties. I have a degree from the University of Colorado in International Affairs. I have worked extensively in the Sales, Account and Project Management industry and enjoy helping people through the real estate transaction process. In 2014 I decided to obtain my real estate license and work as a full time broker associate. I am a Certified Luxury Home Marketing Specialist and Certified Residential Specialist. My goal is to assist you throughout the home selling and buying process as I have the necessary knowledge to provide you with the necessary information when purchasing a home! We are here to make the transaction as smooth as possible!