![]() A thoughtful conversation with an insurance agent can help you avoid these errors.įor example, you’d likely be disappointed to learn your policy has actual cash value coverage for your possessions if you’re expecting to be paid the replacement cost. If you don’t have the right insurance, you could find yourself in a significant financial hole. “One of the worst mistakes a homeowner can make happens before a loss occurs,” says Gina Clausen Lozer, a partner at the law firm Berger Singerman. Misunderstanding (or failing to read) your policy can lead to disappointment and almost always results in a poor customer experience during the claims process, says Wendland. “Water backup is very specific to only limit coverage to damage caused due to a backup of a sewer drain or a sump pump,” he says. At the very least, understand what the coverages in your policy mean, says Charlie Wendland, head of claims at Branch, an online insurance startup.įor example, some policyholders assume that “water backup” coverage is the same as flood insurance. After all, insurance policies can be impossible to read. ![]() You could be forgiven for not reading your home insurance policy.
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