It’s wrong not to have any insurance, but it’s important to get the proper amount of coverage from home insurance brokers.
Did you know that an estimated 14% of all auto accidents in the U.S. are caused by someone without car insurance? Not only that, but Mississippi has the highest amount of uninsured drivers with a grand total percentage of 26% being uninsured! And Alabama is almost as bad, with a 25% lacking car insurance! The main reason these folks don’t get the insurance that they need is because it’s too expensive.
This is true for both auto and home insurance. According to FEMA, there’s an estimated 50% of homes in high risk areas of the United States that lack home insurance, also known as hazard insurance. The Federal Reserve Bureau states that homeowners can deduce their average home insurance cost by dividing the value of their home by 1,000, and then multiplying the result by $3.50.
If your home is over or underinsured, it’s absolutely imperative that you speak with home insurance brokers to get things cleared up. With winter snows just around the corner, having the correct amount of insurance will keep your home, and your family safe.
However, Forbes recently published an article about four mistakes that home owners can make when they buy home insurance. These tips should be discussed when reviewing your current policy (if you have one) with home insurance brokers to make sure you’re adequately covered in the fine print. Firstly, be sure not to be underinsured. Secondly, don’t assume you have flood insurance-always be sure to ask home insurance brokers if you’re in a high risk area and if you need it. Thirdly, don’t think you have one, flat deductible. Lastly, don’t believe you’re covered for mold or sewage backup.
It’s important to have an adequate policy from home insurance brokers, lest you find yourself in a real bind when catastrophe strikes. If you have any questions about what to discuss with home insurance brokers, feel free to leave them in the comments!