10 Things Consumers Don’t Typically Know or Understand About Homeowner’s Insurance

Consumer Reports published an article recently about what consumers should know and understand about protecting their largest asset. We at OceanPoint Insurance want to make sure all our customers are clear on every aspect of their homeowner’s insurance.

You May Be Paying Too Much: When it comes to shopping for homeowner’s insurance, a Trusted Choice independent agent from OceanPoint is the way to go. A Trusted Choice  agent can help you shop around and find the best price for you. Reviewing your policy every few years is also a great way to make sure you are paying the right price.

You May Not Have Enough Coverage: Factors such as rising labor and construction costs, and home remodels or additions can increase the amount of coverage needed. Be sure to talk to your agent to update your policy, because ou can never be too covered.

Don’t Worry Too Much About Filing a Small Claim: Talk to your agent about how much your premium would go up and for how long should you file a small claim. If the claim payout is higher than the annual surcharge multiplied by the number of years it would be in effect, then it might be beneficial to file the claim.

Consider Flood Insurance Even If You Don’t Live on the Water: You can never be too prepared for the unexpected. Talk to your agent to look at prices for flood insurance policies. Regularly inspect your home for any leaks or cracks to be sure your home is watertight.

Animal Damage May Not Be Covered: The more damage an animal can do, the more likely it is covered. Smaller vermin (rats, bats, raccoons) are not usually covered. Talk to your agent about what you can do, and be sure to inspect your home for any entryways that vermin could use.

The Larger Your Claim, the More You’ll Need to Document: Documenting your claim well by taking photos or videos and getting written estimates done can help you get the money you need in the time of an unfortunate incident. We at OceanPoint can help you get the right amount to restore your home back to the way it was before the claim.

Your Credit History Will Affect Your Rates: Ask your agent for a copy of your credit-based insurance score and work on trying to improve it if it needs work.  You can also ask your agent to work with you and check in on your score every year.

The Things You Love Most May Not Be Covered: For jewelry, furs, and fine art, you need extra protection called a “floater,” a separate policy with a zero deductible that covers accidental loss. For tech and sports equipment, you may need separate coverage. Talk to you OceanPoint Insurance agent about getting the coverage you need.

Cosmetic Hail Damage May Not Be Covered: Work with your agent to find a policy endorsement to cover cosmetic hail damage. Structural damage should be covered under your current policy.

Renters Still Need Insurance: More and more landlords are requiring renters’ insurance to cover all your valuables within a property. Renters should buy the coverage they need which is usually $12 to $20 per month.


Talk to your OceanPoint Insurance Agent for any other questions on Home Insurance at 401-847-5200.