Properly Protecting Your Home from What Can Happen

Now that you have found your dream home it is time to make sure that it is properly protected from issues that might arise. Having homeowners’ insurance is a great start and a must if you are obtaining a mortgage to purchase your home. Now, just because you have insurance doesn’t mean that you’re fully covered from roof leaks, broken pipes, flooding, fire, wind, and hail. We had the opportunity to connect with Brett Cohen of Clarke and Cohen to speak about the pitfalls a lot of homeowners make when selecting their coverage. Here are some key things that many miss that can cost you big if you ever have a claim:-Most policies have limits on sump-pump backup coverage

  • Don’t forget to update your coverage based on home renovations or additions
  • Make sure you have coverage for other structures such as sheds or detached garages
  • Purchase a policy that uses Replacement Cost as its loss valuation

Supplemental options that can save you big!

Here are some additional things to consider: Standard insurance doesn’t cover water and sewer lines from the house to the street. This is a costly repair that can range from $5,000-10,000 or more. Currently, there is supplemental insurance available to cover you for this type of loss. American Water Resources offers this protection for under $15 per month (depending on the location) and can save you thousands of dollars in the future.
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Appliances, mechanicals, and some additional coverages: While you are in the process of buying your home you might consider getting a home warranty. Home warranties are inexpensive ways to cover your appliances and mechanicals (water heater, heating, and HVAC systems) in case of failure. As a Realtor, we can offer this at a discount for most of our clients during the home buying process. There are multiple companies out there that provide home warranties with a variety of coverages and some even include discounted yearly maintenance checks. A broken appliance can be costly and having a home warranty can help to make sure you minimize your repair and replacement costs. Most home warranties are for 1 year periods and can be renewed over and over again.

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