Know How To Protect Your Home From Insurance Gaps

Know How To Protect Your Home From Insurance Gaps

Protect Your Home From Insurance Gaps

Be wary of home insurance gaps!

When you purchase home insurance, you assume that your home is protected. But, that’s not always the case. There may be gaps in your coverage that lead to costly repairs. Make sure you don’t have any insurance gaps with this home insurance coverage guide.

  • Home equity vs. rebuilding costs.

The amount of coverage that your home insurance provides is based on rebuilding costs. Keep in mind that your home equity and rebuilding costs are very different. While the home equity may take into account the physical land that the home sits on, the rebuilding costs do not. Pay attention to how much your policy will pay for rebuilding costs. Over time, these costs change, which if left unadjusted may affect your home insurance coverage.

  • Natural disaster coverage.

While certain natural disasters are covered by you homeowners insurance, most are not. Unfortunately, most homeowners find out after the fact. Be sure to look over your policy to know exactly what’s covered. Keep in mind that flooding and earthquakes are usually never included in you regular home policy.

  • Personal property.

From your bed to your television, your personal property adds up. Make sure you have adequate coverage for your possessions. Most homeowners insurance policies have a limit on how much is covered while some only cover the structure without any regard for personal property. Be sure to look over how your policy covers your belongings to see if you need additional coverage.

  • Building codes.

Every so often your home needs updates as required by law. However, not all insurance policies will offset the cost of upgrading your building. Be sure to check the fine print to see how coverage is allocated.

Don’t close your eyes to home insurance gaps, be sure to supplement your coverage. The professionals at Club Agency Insurance Brokerage can help you with all your insurance needs! Located in Garden City, New York, contact us for more information.



COVID-19 Update:

At RMS and associated firms, business continues as usual. Our staff is remote-capable and available to handle all partners, brokers, and insureds at the present time. Contact us today!Executive Order for Policyholder Payments