Have you read your Homeowner’s Insurance Policy lately?

home-owners

 

I ask this question because many people think that the coverage is the same from one homeowner’s policy to another.  Here is the problem.  You give the coverage page of your current homeowner’s company to another agent who gives you a “comparable” quote.  You assume the quote has the same coverage and the premium is lower so you purchase the policy without checking with your current agent.  BIG MISTAKE!

For example: The “comparable” quote has Water Back Up coverage, which you have on your current policy.  So you have the same coverage, right?  Maybe not.  As independent agents we represent 7 companies.  Our companies cover “Water Back Up and Sump Discharge or Overflow” and the policies state “Water backup is water or water-borne material, which 1. Backs up through sewers and drains; or, 2. Overflows or is discharged from a sump, sump pump or related equipment.

Most companies have similar language however “Company S” and “Company L” add a section which says “the coverage provided by this endorsement only applies to the dwelling described in Coverage A and the following Coverage C personal property items: clothes washers and dryers, food freezers and the food in them, Refrigerators, Ranges, Portable dishwashers and Dehumidifiers.” Just those items are covered… nothing else!

The companies we represent do not have this section, which means they don’t limit coverage for what personal property is damaged.  What if you have a finished basement and have a water back up claim?  “Company S” and “Company L” would not cover your furniture, electronics, toys, your guitar laying on the rug, or items you store there such as clothing and your seasonal decorations.  The “comparable” quote may have been $100 cheaper, but now your additional costs could be several thousand dollars higher because you don’t have the right coverage.

This is just one example.  I have found several differences in coverage when clients send us a copy of the “comparable” quote to review.  Check out my article The True Cost of Insurance.  Many times the “comparable” quote might be lower but is it lower because you have less coverage?  Let us check for you.  Send us copies of any quotes you receive so we can make sure you are not getting less coverage than you currently have now.

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