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Flooded roomAs a homeowner, protecting your home is one of your top priorities. It’s the reason you purchased home insurance. Many homeowners think a policy they bought years ago, covers them completely today.

In reality, insurance coverage needs change over time. People who aren’t mindful of their policy could have home insurance gaps. Gaps could cost them significantly when they need the coverage the most.

Inflation Can Cause Insurance Gaps

Insurance companies base the rate homeowners pay for home insurance on replacement costs. The cost to fix or replace homes that sustain a loss increases along with inflation. Regrettably, many homeowners never have their home insurance policies reviewed after purchasing them.

As a result of ignoring their policy, they find out they don’t have enough coverage after a loss. In cases like this, homeowners have to pay the deficit. Their insurance doesn’t cover the difference.

Pet Coverage May Not Cover All Costs

In the United States, 37-47% of all households have a dog. Insurance companies consider some dogs risky when it comes to home insurance. However, dogs don’t have to be on the list of dangerous dog breeds to bite. Any dog can have a bad day. A dog bite may be a liability insurance risk.

Homeowners who have dogs should make sure they have enough home insurance coverage. Research shows that some home insurance companies are more generous with coverage. The average cost of dog bite claims is going up. Homeowners should review their policies to ensure they have enough coverage.

Floods Can Happen Anywhere

Flooding isn’t exclusive to predetermined flood zones; floods can happen anywhere. Unfortunately, many traditional home insurance policies don’t include flood coverage. Beyond that, many homeowners fail to buy additional flood insurance. If they experience a flash flood, these homeowners likely won’t have the coverage to repair their homes. Homeowners in this situation would need to pay for the damage to their homes using their savings. Not everyone can pay for home repairs with their savings, so they live with the damage or move.

Even though a homeowner may have home insurance, it doesn’t mean that he or she has enough coverage. Homeowners should review their home insurance policies each year. A yearly review will determine if they have gaps in their coverage. By reviewing their policies with their insurance agent, homeowners can adjust policies. That way, they can get the coverage they need to protect their home.

We are here to help you get the correct amounts of home insurance. We can protect you against all your risks. Start a free Macon home insurance quote online today, or call us at 877.997.2478 for more information.

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