Don’t Shop Price – Shop Insurance Coverage!

As your insurance rates increase and you may be thinking about shopping for new homeowner’s insurance, I cannot tell you how important it is to shop coverage and not price!
 
While meeting with a client who had a fire at their home and reviewing their insurance policy, they were sadly underinsured and their policy did not cover the cost of the damages to their home.  I was shocked to learn that their personal property coverage was higher than their building coverage! They said “we didn’t think we would ever have an insurance claim. This is the same insurance we have had since we owned the property and it has never changed in all these years”.
 
It is your agent’s responsibility to advise you to insure your home with enough coverage to keep up with the current property values and inflation costs.  Sometimes this doesn’t happen, but it is also your responsibility as a homeowner to do the same and make sure you are properly insured.
 
While reviewing policies for our clients, we are always asked if there is a “cheaper” insurance company and should they change their coverage to reduce their rates.  This is probably the worst thing you can do because that one day you have an insurance claim, your insurance company will not be there for you with enough money to cover your claim.  I am sure you do not want this to happen nor do you want to have to come out of pocket for most of the repairs.
 
It is also important to make sure you do not have policy limits or exclusions on water damage coverage and that you stay away from any managed repair or right to repair insurance companies just to save money and reduce your premiums.  For more information or an extensive policy review, please contact us  https://www.reliantpa.com/