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Homeowners need to make sure they have adequate insurancePosted On Thu, September 23, 2010
While many people are aware of the benefits a homeowners insurance policy offers, it may be difficult for some to figure out just how much coverage they need. Some homeowners may not be aware of exactly what their policy covers.
MetLife Auto and Home's "Insurance Literacy" Survey reveals many people overestimate what their insurance coverage entails. For example, 60 percent of respondents think their home insurance policy will completely pay to replace their possessions, but most policies factor in depreciation and will only cover up to a certain dollar amount.
MetLife Auto and Home regional sales director Bob Nowak recommends consumers consider bundling their insurance needs.
"Customers who value insurance solutions that make their lives simpler and easier will appreciate the convenience of package policies," says Nowak. "They eliminate hassles by offering auto, home, and other personal insurance as one policy package with one bill, one renewal date, and one deductible."
A homeowner should carefully consider all insurance options before settling on a policy. While adjustments in coverage levels can be made, it's important to have the right amount of coverage from the start. Too many homeowners find out they don't have adequate homeowners insurance until after filing a claim.
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