1. Choose the deductible that meets your budget. A deductible is the amount out-of-pocket that you need to spend before insurance coverage kicks in. While it may be tempting to choose a higher deductible to reduce your premiums, consider how much money you will have on hand to cover that deductible in the event of a loss.
2. Make sure your limits match your risks. Every insurance policy comes with limits. A limit is the total amount your insurance policy will pay out in the event of a loss. Lower limits are usually less expensive, but if a covered loss exceeds the limits you carry, you’ll get stuck footing the rest of the bill.
3. Consider a scheduled personal property rider for collectibles or high-ticket items. This is a way to insure antiques, collectibles, musical instruments and other expensive or irreplaceable items beyond the limits of a standard homeowners policy.
4. Add flood insurance to your policy. Most standard homeowners policies do not cover losses due to flooding or water damage, but the risk is real. Don’t drown in expenses that could have been handled by the right additional coverage.
5. Keep a record of belongings and update it annually. If your home burnt down or you had another homeowners claim, would you know exactly what you lost? In order to make recovery after a covered event as painless as possible, make a video list of your belongings and keep it in a secure location away from your home.
Cotten Coverage Insurance Agency takes your protection seriously. We’re honored to have been named Best Insurance Agency on Long Island for five years. Call today if we can help you with homeowners insurance or any other type of insurance coverage.