In recent years,
insurance companies have been hit hard by mold damage claims and now many
of them are placing restrictions on mold coverage.
Items such as coins,
jewelry, silverware, and fine arts might not be covered unless a rider is
added to the policy.
If your home and its contents are
insured for Actual Cash Value, depreciation will be factored in when settling
your claim. If you want everything to be fully restored after a loss, you need
to ask for Replacement Cost on both your contents and
dwelling.
Keep Your Premiums Low:
The purpose of homeowner's insurance is to cover major catastrophic losses. If you file small claims,
it can cause your premiums to increase and your policy may even be
non-renewed. It is best to file claims only when there is no way
you can take care of the problem yourself.
Another way to keep your premiums
lower is to go with a higher deductible. If spending $1,000 would not ruin you
financially, then you should go with a $1,000 deductible.
One month before your policy renews,
you should shop around to see if you can find better rate,
especially if the company you're with has a rate increase.
The information on this
page is general and some of it may not apply to your state. It is always a good
idea to meet with your insurance agent and review all of your
policies.
