Choosing the right home insurance policy is essential for current and new Rhode Island homeowners alike. Not only is having adequate coverage a must but having a clear and concise contract explained by a Podmaska Insurance Agency representative can make or break the deal.

Here are some common errors to avoid when obtaining a homeowners’ insurance policy:

1. Under-Insuring the Home

Your home is one of the biggest purchases you’ll likely ever make, so getting a bare-bones basic policy to save money could cost you big in the end. While you’ll be required to have insurance to cover your mortgage, situations that are disastrous may require a policy that allows you to rebuild.

2. Setting the Deductible Incorrectly

While a higher deductible typically lowers insurance rates, setting it too high can backfire when something goes wrong. Even setting it too low can leave you stuck having to pay more for the repairs out of pocket. Our agents advise many clients to set their deductible at $500 or $1000.

3. Not Reading the Policy Carefully

You should always know what you’re getting when you invest in homeowners insurance. Policies do change from time to time, and these alter your policy. The most likely reasons for changes may be related to new requirements by the HOA, legal regulations, and the age and location of the property. Read every line, as you might discover some major systems aren’t covered without customizing the policy after the home gets 20+ years old.

4. Failing To Customize Your Coverage

Some standard policies may not have all the coverage you need at times. For example, on older homes, roofing replacement might require a separate policy addition, and this is the case in coastal regions that face storms and risk flooding. Be sure to customize your policy by working with an experienced agent.

Reach Out To Us

At Podmaska Insurance Agency, we serve Rhode Island residents with customized home insurance policies. We can help create a policy that meets your needs in case an incident occurs. Contact us today for more information!