Archbold, OH -- (ReleaseWire) -- 07/30/2019 -- Beck Insurance, serving the Toledo communities of Bryan, Difiance, Swanton, Waterville and Wauseon, discusses the biggest dangers homeowners may have in regards to their homeowners insurance. Many experienced agents will tell you the biggest danger is the exclusions.
As many discovered in the Gulf area after Hurricane Katrina, they thought they were protected hurricanes, but they were only protected by the wind, not the storm surge or high water. The problem with their policies were exclusions. Would that happen in the Toledo area? Some homeowners insurance may not cover mold as it is seen as homeowners negligence. Agencies selling without experience or buying homeowners insurance may not cover floods, tornados or other natural disasters. online may provide the cheapest homeowners insurance but in the long run could end not paying after damage.
Another danger is having a high deductible. This makes sense as it will lower the premium. However, since half of all Americans have less than $1000 saved, a $2,000 deductible isn't going to work for them. Imagine an event such frozen pipes that burst, mold growth or small kitchen fire. Any of these may be partially covered by insurance but the homeowner will have to come up with the $2,000. Several small damages worth $1000 in one year could potentially be disastrous.
The last danger is not knowing the cost to rebuild. Costs change every year and homes in the Toledo area have been rising just as they have all over the country but at a different rate. So cost to rebuild may not be accurate. Working with an agent that has access to this data and that it is accurate is paramount. Also, replacement value may be higher if there is a lot of rebuilding in the area. If multiple homes are damaged, the cost for rebuilding might go up if there is a demand for the rebuilding supply – materials and labor. Limits or maximum payment may also be a problem if homeowners suddenly find replacing or rebuilding costs more than what their homeowners insurance will pay out.
The dangers are too great for exclusions, or limits, on homeowners insurance. Independent agents working personally with clients can go over the exclusions and answer questions no matter how long it takes.
About Beck Insurance Agency
Beck Insurance Agency is a trusted source of auto insurance. They serve people in Bryan, Defiance, Montpelier, Napoleon, Perrysburg, and Sylvania, Ohio.
For more information, please visit www.beckinsurance.com
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