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.
