Why should I keep a higher deductible on my home insurance policy?

Insurance on a home is very important to have, and should only be used when large damages occur. This is precisely why agents recommend higher deductibles. The only time you really want to file a claim is when you have a large loss. A loss larger than at least $1,000. If you own your home you should at least have $1,000 put aside for emergencies. A claim on a homeowner’s policy will affect you for 3-5 years or longer, depending on the company. Sometimes you will be denied coverage by other companies because of a past claim if you were to change carriers. Claims aren’t anything you should take lightly. If you have home damage it is recommended you call a restoration company and get an estimate before filing claims. There is always a possibility the damage is less than your deductible and filing a claim can cause an occurrence to show on your record, even if the insurance company does not cover it.

Why should I keep an inventory of things in my home?

When you have a large loss and it includes personal property the insurance company will not just give you money. They need an itemized list of items. A large loss is devastating but it can also be complicated if you do not have what you need to replace your things. Best thing to do is either write everything down or make a video/take pictures of all your belongings. This way you can make a list of things that need to be replaced. Don’t keep your inventory at home, keep it in a safe place, on the internet or somewhere you have access to it if there is a total loss. Want more information? Ask me at tpotter@aai4u.com

Written by: Therese Potter, director of marketing and Business development at All About Insurance

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