What type of coverage do you need?

There are two basic errors you may make when taking out insurance – and both can cause problems if you need to make a claim. Philadelphia home insurance is designed to help protect you financially against the costs associated with fixing damage caused to your property and possessions, so making sure you get it right is important.

Mistake number one is to undervalue. One reason people may do this is that the less the insured value, the lower the premiums. However, stop and think a minute – that short term saving is all very well, but what if you have to make a claim? Your insurance provider may generally make a payout according to the coverage you bought and if you undervalued that is unlikely to cover the actual cost of replacement. That means you are setting yourself up for out of pocket expenses you may or may not be able to cover.

The second mistake is to over value your assets. Insuring for an excessive amount will do you little good in the event of a claim as the value of your claim will be carefully assessed. Your insurer is also likely to ask for some evidence that you possessed the items you are claiming.

In the long run, honesty is the best policy when setting up your Philadelphia home insurance. The potential for issues with claiming if you have misrepresented the value of your assets is surely not worth any short-term gains.
Posted 12:46 PM

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