According to one major news outlet, there are four mistakes many homeowners make when purchasing Home Insurance in Temecula CA Often, when looking to cut back on expenses, this is one area homeowners turn to in an effort to save money. This can lead to being underinsured when disaster strikes. Here are the Home Insurance in Temecula CA mistakes mentioned by the news outlet and how to avoid them when insuring your home.
- Many are under the impression the real estate value equals the cost of rebuilding the home, but it’s not. When purchasing insurance, you must receive enough from the insurance company to not only rebuild the home but also to replace your belongings. Rather than lowering the amount of coverage you have, experts agree it is smarter to raise the deductible.
- Never base your decision on price alone. Although one policy may seem like a great deal, you won’t be getting the same amount of coverage. If you do get the same or similar coverage as with a policy that costs more, you’ll want to ask yourself why this is the case. Is it because they lack customer service or only pay the depreciated amount of any repairs? For example, if your roof is damaged in a storm and needs to be replaced, but it’s ten years old, you may not get the full replacement value. This can leave you with a very expensive bill on top of your deductible.
- Consider purchasing additional coverage. Learn what natural disasters are covered by your Home Insurance in Temecula CA policy and which are most common in your area. In the event your policy doesn’t cover one or more types of disasters, you should purchase additional protection as nature is unpredictable. You don’t want to find you aren’t covered when you have major losses of any kind.
- Flood insurance should be purchased by every homeowner. Studies show that a significant portion of flood damage occurs in areas considered low risk. This is especially true in areas of heavy snowfall as spring thawing can lead to unexpected floods. This type of insurance is very inexpensive, so every homeowner should make sure they have it.
Contact Winchester & Associates Insurance Services for your Home Insurance needs. They offer the best policies at the best prices to help you protect what matters most.
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