Top 8 Don’ts for Home Insurance

Home insurance can be a serious cost. Modern homes, particularly those which have risen in value in the big property markets, are now pretty expensive. Those big dollar values do have to be covered, and that means shopping around for good, flexible home insurance.

The big Don’ts with home insurance

The Don’ts in home insurance are all about costs. There are some potentially serious costs which aren’t obvious, and they can sneak up on homeowners as a nasty surprise.

These are the really dangerous Don’ts:

1. Don’t allow your home insurance to get too far away from your real home value. The classic mistake in home insurance in the recent markets has been to simply forget about it, and suddenly find that you have $300,000 cover for a $700,000 house.
2. Don’t ignore market values. You may not want to sell, and think the values aren’t relevant, but the local property market can tell you a lot about your home value, and definitely tell you when you need to get serious about upgrading your insurance.
3. Don’t get lazy when taking out a home insurance policy. Check out the possibilities of getting new home insurance. Many home insurance policies look good, but they’re also out of date. There’s a lot of new insurance options on the market.
4. Don’t just accept valuations and quotations on home insurance. The fact is that the values also reflect the premium costs. You need to know how much is a reasonable home insurance valuation. You can always get another quote if you need one.
5. Don’t quibble about contents insurance. Having a bit of extra cover on valuable items will probably be fully justified in a couple of years. As long as it’s not an exorbitant amount, a slightly higher figure is probably realistic.
6. Don’t forget to check out policy documents and product disclosure statements. These are mandatory, and insurers must set out all terms and conditions on which your policy is based. If a policy document contains a lot of terms and conditions, it’s an old style policy, obsolete compared to the new online policies.
7. Don’t ignore the new online policy options. These are the new market products, and they’re getting a lot of customers. These policies can be managed directly by policy holders online, and they’re also very straightforward types of home insurance, with almost no fine print and pages of conditions. People are voting with their dollars for these policies, and they’re rapidly replacing the old insurance methods of doing business.

Using the Don’ts to get a good home insurance policy

As you can see, the Don’ts make quite a lot of sense, when it’s a question of quality of home insurance, and the costs involved. Homes and contents are expensive these days. You need to see value for money when taking out a long term financial commitment like a home insurance policy.

Best practice for getting a home insurance policy-  Shop around, make comparisons, and expect good service. After all, you’re paying for it.

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