5 Common Mistakes in Homeowners Insurance

We’re emphasizing reviewing homeowners insurance this year because we’ve seen that small mistakes can lead to big problems.

Some of the errors we find:

  • Named insured not the same as the owner on the deed. If the homeowners coverage is written for someone other than the owner of the property, the insurance company can deny coverage. This might happen if a property is transferred to a family member without notifying your agent.
  • Business operations or storage on the premises. This could invalidate your coverage for buildings used for business. Also you may not have proper coverage for your equipment, inventory, and liability exposures.
  • Vacant houses. Depending on your company, there may be clauses in your policy that cut your coverage if the house is vacant.
  • ATVs, recreational vehicles, snowmobiles, golf carts, boats. These types of vehicles have limited or no coverage in the typical homeowners policy. Even a lawn tractor may not be properly covered if you use it off premises.
  • Not enough coverage to rebuild Even though house sales have stagnated, rebuilding costs continue to rise. Make sure you have enough coverage, or see about a homeowners form that doesn’t require full coverage.

Next Steps:

Albion Agencies, Inc. is a licensed insurance agent/broker only in the State of New York.

The information in this post is general in nature, and geared toward insurance conditions in Western New York. As always, you should speak with an insurance adviser to determine your specific insurance needs.

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