Protecting your home should be a priority. Still, sometimes it is easy to overlook simple things you can do to protect your home from risks. This is very true about home insurance. By working closely with your agent, you can learn more about all the ways to minimize risk to your home. You also can create a customized insurance plan capable of meeting your individual goals and needs. Take a look at some of the biggest mistakes property owners make when insuring their home.
#1: Misjudging the Value of the Policy You Buy
It is very easy to make a mistake regarding the value of the home insurance policy you purchase. For many people, it seems simple enough to choose a policy that fits your budget. However, this may not provide enough financial protection for your actual home. Your insurance policy’s upper limit should consider things like the following: 
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The value of the belongings within it
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The value of all structures around the home, like detached garages
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Factors related to its uniqueness, which could cost more to replace
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Do not consider taking any type of reduced coverage just to lower the price of your coverage. Work with your home insurance agent to get the policy customized to fit your home’s specific value. Do not look at just the price you will pay for the coverage.
#2: Expecting to Have Flood Insurance
Most standard home insurance policies do not include flood insurance. In some areas, your mortgage company may require it. However, this is not the case in all areas. For this reason, many insurers will provide a policy without this requirement. Yet, if you live in an area where there is risk, you need a separate policy to protect against losses related to floods.
#3: Expecting Coverage for Mold or Sewage
Here is another area where many policies lack coverage. Specifically, any type of mold or sewage backup that occurs as a result of poor maintenance and upkeep, or general wear and tear, has no coverage under your policy. You may wish to speak to your agent about properly insuring for these types of risks.
Home insurance is a big investment. However, if made well, it can be both a decision that keeps your home safe and one that is within your budget.