5 Common Home Insurance Issues and How to Address Them

Your house is a safe space where you can hide from the hustle and bustle of everyday life. It’s a significant investment where you create memories with your loved ones and where you and your partner will build a life together. 

For this reason, you should protect it adequately by acquiring the proper home insurance coverage. While it may help safeguard your property, your home insurance policy may not provide enough coverage during a catastrophic loss, and you might need to upgrade it. 

This article will discuss five common home insurance problems and the preventive measures you can take to prevent them. 

1. Natural Disasters

Being a property owner means learning what your home insurance plan covers during natural disasters. Unfortunately, your current policy may not cover other catastrophes, such as flash floods, lightning, wind, and hail. 

You can prevent this home insurance problem by consulting your insurance broker to protect your home against other damages that may not be under your current insurance plan. A reputable agent may provide overland water coverage to protect your property from flood damage due to heavy rains or overflowing water. Otherwise, you’ll be paying for costly repairs from your pocket.

2. Theft 

Theft is one of a homeowner’s worst nightmares. It’s always wise to consult your specific home insurance policy with your insurer to ensure you’re covered when your house suffers from a burglary. You want to get the right coverage and reimbursement for all stolen belongings. 

You can protect your jewellery, collectibles, and antiques by consulting your insurance brokers for an endorsement or a “floater” policy. You may also invest in a high-quality house security system to reduce your premiums. 

3. Old Homes 

Old homes can give a vintage look and feel and help you stand out from other homes. However, getting home insurance can be tricky in this case. While your current policy covers the costs of restoring the building’s original condition, you may need more to bring the property up to the current standards. It can also be expensive to replace outdated plumbing, wiring, and other components to meet current regulations. 

Adding an ordinance or law endorsement to your insurance policy can protect your older home from damages. This additional protection will provide more coverage for the expenses associated with all applicable regulations when rebuilding your property. 

4. High-Value and Historical Homes

You may need more home insurance to provide adequate coverage if you own a property with a significant value. While the procedure usually pays the replacement costs of lost or damaged property, it could be much lower than the replacement costs for custom finishes or the home’s historic elements. Irreplaceable elements like antique windows may be costly to replace. 

You can safeguard your distinctive and noteworthy residence by obtaining a home insurance policy that covers restoration costs or provides guaranteed value. A restoration cost policy pays for repairs to your home’s unique characteristics, while a guaranteed value policy allows you to select an amount you want to pay during a tragedy.

5. Short-Term Rentals

You may face home insurance issues if you rent out your property for a short term. While you might benefit from the generated income, it can cause problems if you have a typical insurance policy.

Always ensure the tenants have insurance proof before settling at home. While other short-term rental companies offer protection, it’s still best to speak to a qualified home insurance broker. 

The Bottom Line 

Being a responsible homeowner means protecting your property from all potential home insurance problems. Educating yourself and consulting a reputable broker can spare you from expensive mistakes. 

Kirkham Insurance offers reliable home insurance in Lethbridge to protect your valuable investments from devastating events. Contact us now to get an online quote! 

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