Don’t make these missteps as a homeowner.
Homeownership is a major responsibility, and it’s easy to make mistakes along the way. Unfortunately, some seemingly minor mistakes can have very costly consequences. Here are some of the expensive homeownership mistakes that you should avoid.
Waiting to Secure Home Insurance
If you know that you need to secure home insurance, then it’s important that you start shopping right away. Waiting until the last minute to secure coverage will limit your policy options and could force you to choose a policy that is not right for your needs. Additionally, it’s important to remember that the cheapest insurance is not always the best. While choosing a cheaper policy might seem like a good money-saving strategy at the beginning, this bad insurance decision could end up costing you thousands in the long run if your policy does not offer enough coverage to address your risks. Bottom line, if you need coverage, take your time and choose wisely.
Skipping Out on a Home Warranty
Many homeowners have insurance, but they don’t get a home warranty at the same time. A home warranty is a service contract that covers the repair or replacement of certain home systems or appliances that may fail due to age, wear and tear, or some other type of internal malfunction. Oftentimes, home warranties provide coverage for your home’s HVAC, electrical system, plumbing, kitchen appliances, and washer and dryer. If you don’t have a home warranty, then you will have to pay for broken-down appliances and home systems on your own. Rather than assume this financial risk, it’s better to secure the coverage offered by home warranties.
These are some of the expensive homeownership mistakes that you should avoid. Need help with your home coverage? If so, then contact the experts at Steve Wilk Insurance. Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.