Home Insurance Mistakes That Will Cost You
Updated: Dec 6, 2021
While most homeowners would only consider buying insurance coverage, comparing quotes has become one of the most important steps before making a purchase. Can you imagine yourself filing a claim and being denied, leaving you with the financial burden on your shoulders?
If the claim you’re making is a rather small one, it won’t be a problem, but what if it is for the house that got burned down in the fire, what will you do? What will happen if your insurance provider does not provide you with the money you need to have your home rebuilt from scratch? Here is a list of what you can do to avoid the insurance mistakes that could invalidate the policy or the claim:
What kind of locks did you have installed in your windows and doors? You need to provide the insurance company with an accurate description of the type of locks that you had installed. Otherwise, you might risk invalidating the insurance coverage. Forgetting to get the key from the lock or not shutting the windows down could mean that your burglary claims can be denied. There won’t be any evidence of false entry, and you might just forget about getting all your stuff back.
· Social Media
Are you fond of using the checking in the application in social media? Announcing that you are away and how long you’ll be gone can put your home at risk. Insurance providers have become increasingly attentive to social media users, especially those that are insured by their company. Such announcements make homeowners vulnerable to theft. Whenever they do claim because of theft and a post on social media says that they were away, an insurance claim might be turned down altogether.
· Extended Vacation
Did you know that going on a vacation can put your insurance at significant risk? A planned vacation of one month may be okay, but an extension of such vacation plans making it longer than usual might cause you to lose coverage of the claim. Most insurance companies set a limit as to how long a property can be left empty by its owners. If you plan to have long trips, talk to an insurance advisor to know if extra coverage may be needed. A house left empty for long stretches could be at greater risk for theft.
These mistakes can be made by practically any homeowner, especially those who know little about the policy they signed up for and the rules that the insurance company has set. It is important that you stop to read through the policies of the coverage to make sure to avoid such costly mistakes in the future.