Home may be where the heart is, but it can end up being expensive if a homeowner makes bad choices when it comes to insurance coverage. Not having enough is costly, especially in the event of a loss. However, there are ways homeowners can make their premiums unnecessarily high. With these things to consider, readers can take a look at the five most common mistakes in Home Insurance in Katy TX.
Taking Only What’s on Offer
Most people compare prices for cars, appliances and jewelry, but they accept the status quo when it comes to home insurance. Customers don’t do much comparison shopping, and if they don’t, it’s almost certain that they’re paying more than they should. Most homeowners should compare rates at least once per year.
Forgetting About Upgrades
Upgrading kitchens, installing better fixtures and making other improvements will make the homeowner happy, but it can be costly if they forget to add insurance coverage along with the upgrades. These additions can improve the livability and appearance of a home, and the value increases along with it. Certain features can raise liability, and coverage may need to increase to cover it.
Many believe that credit scores don’t matter where homeowner’s insurance is concerned, but it does-;and in some cases it matters very much. In most states, credit scores can increase the cost of Home Insurance in Katy TX. There’s a link between low scores and claims frequency, but the link continues to be a source of controversy.
No one likes to pay a deductible, but setting it too low can end up being more expensive in the end. One claim can raise insurance rates by 10%, and in some states it can be upwards of 30%. If a deductible is set high, it keeps homeowners from making inconsequential claims and seeing increasing premiums as a result.
Allowing Discounts to Expire
A benefit of Home Insurance in Katy TX is the number of discounts offered. For example, there are discounts for bundling other types of coverage, for quitting smoking or for retiring. Even living in a deed restricted community can yield savings. While most people know to ask for discounts, they fail to look for new ones. Staying current on insurance discounts from Insurance can help save money every month, and it can encourage customers to look for new savings. Browse their site for more information.