Losing your home or commercial property through fire, theft, or other damage can be devastating, even if you have insurance. But if you make one of these seven simple mistakes when purchasing your policy, you may find yourself out of luck even after the fact. Read on to learn more about how to protect your home or business with the right commercial property insurance llandudno policy and what mistakes to avoid when making your purchase decision.
1) Not Getting Enough Coverage
Though most homeowners don’t want to go through with a claim, it’s important to remember that you should take full advantage of your insurance coverage. Most policies provide a minimum amount of coverage for perils and losses, but going above and beyond can save you money in case anything unexpected happens. You need to make sure you get enough insurance coverage so that any damages covered by your policy aren’t taken out of your own pocket!
2) Choosing the Wrong Insurer
If you’re paying attention to how much your insurer charges per month and how much they charge in deductibles, then you probably won’t run into any problems. But if you just choose your insurer based on convenience or price, then mistakes can easily happen. For example, a person may find that their policy doesn’t cover certain incidents because they didn’t purchase comprehensive coverage.
3) Inadequate Liability Coverage
If someone slips and falls in your home, you’ll have to cover any injuries or other damages they sustain. And if you have inadequate liability coverage, you may also be on the hook for their legal fees, which can cost tens of thousands of pounds. You might not think about it now, but any small changes to your home (such as installing a slippery tile floor) could make it easier for someone to slip and fall down.
4) Not Preparing for Floods
Property insurance should include flood coverage as part of your policy. Flooding may occur even if you don’t live in a flood zone. In addition, it may affect your property in a neighbouring community if water seeps over to your area. To prevent future losses and save money on claims, consider getting flood insurance.
5) No Deductible Choice
A homeowner can choose between two types of insurance: a policy with a deductible or one without. With a policy that has no deductible, you’ll be covered for losses and expenses up to a certain amount. The larger your mortgage, therefore, will determine how much coverage you need.
6) Too Many Exclusions
Many people believe that when purchasing a policy, they simply need to pick one with a high enough limit and that’s it. However, if you’re selecting your policy based on just one or two considerations—such as low premiums or quick claim turnarounds—you may be leaving yourself vulnerable to financial disaster. You should always make sure your policy includes all of your coverage needs.
7) Waiting Too Long To Make a Claim
If a fire, tornado or flood destroys your home and its contents, don’t let fear of financial loss prevent you from making a claim. There is generally no limit on how long you have to file a claim on your insurance policy, although some policies have so-called grace periods of 30 or 60 days before coverage is forfeited. Find out what your policy covers and consult with your insurance broker if you have any questions about filing a claim. Your home and family may depend on it.