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Home Insurance Policies to Avoid

1/5/2015

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Some home insurance policies buy peace of mind but little else. One individual bought an $89-per-year policy for their sewer pipe but his wife told him it was a waste of money. Did he waste his money? Well, if his sewer pipe cracks within the next 12 months, it will have been money well spent. Some people pay thousands of dollars in repairs, cleanup and excavation for sewer pipe problems, and they will receive recompense for every expense that the policy covers. These policies do not always cover everything.

Also, it is true that your sewer pipe is not likely to break this year, and if it does not, you will not collect anything other than peace of mind. For some people, $89 is not a big payment if it helps you sleep easier, but those extended warranties, which can be bought for almost every appliance, adds up to hundreds of additional dollars on policies, and they provide questionable value because of the coverage restrictions in fine print. 

Linda Sherry, director at Consumer Action, says that she usually advises against buying extended warranties and policies. The majority of products come with a one-year warranty anyhow. However, some people may still find themselves tempted to buy extended warranty coverage for free tech help or annual maintenance visits. If you decide to buy, make sure the cost of the annual policy is no greater than 10 percent of the price. Sherry says that all things higher are overpriced. 

Always make sure your jewelry, antiques, art and electronics are covered under your policy. You can take inventory using free software on the Android/iPhone app KnowYourStuff.org, which is provided by the Insurance Information Institute. Determining the types of extra coverage needed will provide peace of mind. If you are likely to sustain damages, then it is good to have it covered. However, you could be paying extra dollars for your home insurance if it is highly unlikely.


Call Pachuta Insurance Today @ 706-769-2262
Sources:
Time
Forbes
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PACHUTA INSURANCE
1031 Village Drive, Suite A
Watkinsville, Georgia 30677‎
johnny@pachutainsurance.com

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(706) 769-2262 (Office)
(888) 769-2262 (Toll Free)
(706) 769-2282 (Fax)
(706) 201-1901 (Mobile)
  • Home
  • Insurance
    • Personal Insurance
    • Commercial Insurance
    • Church Insurance
    • Companies We Represent
  • FAQs & Tips
    • Home Insurance FAQs
    • Tips For Homeowners
    • Auto Insurance FAQs
    • Tips For Auto Owners
    • Renters Insurance FAQs
  • Customer Service
    • Request a Free Quote
    • Report a Claim
    • Request a Policy Change
    • Request an Auto ID Card
  • About
  • Contact