Home Insurance Mistakes to Avoid

There is a lot to think about when buying home insurance. Your home is likely one of your most significant investments, so you must insure it properly. Our LeapFrog Insurance team, serving the San Antonio, TX area, will work with you to structure an insurance plan that works for you.

Penny Wise and Pound Foolish

Insurance buyers make some mistakes during the buying process and others after acquiring the policy, and you should avoid both. Common buying mistakes include:

  • Ignoring exclusions: Understanding what is and is not covered is essential. Flood and wind damage are standard exclusions, but you can experience significant losses by not adding these to your coverage.
  • Underinsuring belongings: Policyholders often underestimate the value of their possessions, particularly jewelry, art, and collectibles.
  • Underestimating liability: Accepting the minimum liability coverage can be risky. Consider umbrella insurance.
  • Misrepresentation: Honesty is your best policy. Failing to inform your agent about specific risks, like owning a trampoline or using your home as a short-term rental, can result in a lack of coverage when an accident occurs.
  • Failure to bundle and comparison shop: Working with one agent and provider to consolidate your policies can save money.

Mistakes that occur after the policy is in force include:

  • Underinsuring your home: Home improvements can increase your home’s value above the original policy’s replacement cost.
  • Failing to keep a home inventory: Regularly updating an inventory of your belongings and creating a simple mobile phone video is critical in the event of a loss.

Working with LeapFrog Insurance

Every client’s home insurance needs are unique. LeapFrog Insurance, which proudly serves San Antonio, TX, will work to understand your needs and structure an insurance plan that meets your needs and avoids common mistakes. Call or stop by today to discuss your insurance options.