Saturday, 2 July 2016

Understanding the Gaps in Home Owner's Insurance

It doesn't seem comforting to know that there are gaps in something as important as your insurance. Just like any signed contract or policy, there arise misunderstandings when one party doesn't fully understand what the exceptions or limitations of the contract states. At top insurance companies like Greater National Group, insurance experts are at the disposal of clients to ask and re-ask questions until there is proper understand.

When buying home owner's insurance, it's important you know what the policy covers and especially what it doesn't. Many insurance companies always guarantee coverage for all kinds of loss. The truth is that each policy has a cap of amount to be given out as claim, unless special premiums are paid. This gap can be closed up by ensuring you hire a building contractor to give an estimate of how much it would cost to rebuild your own. With this information, you'll know if truly the insurance policy can cover situations where you'll need a home replacement.

Always review your policy annually to make sure it still covers what was claimed coverage. Schedule a face-to-face meeting with an insurance broker and don't be afraid to ask questions. Never fall into the habit of assumptions. Don't assume things; ask for clarification. They're the experts insurance and not you. It's totally ok not to understand things.

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