Looking for a way to tackle insomnia? Read your homeowners insurance policy. Kidding aside, its worth the effort. As many families have learned the hard way, failing to evaluate policy details can lead to unanticipated expenses when disaster strikes.
Sweat the fine print, especially if youre a first-time homebuyer, and dont make these three blunders:
Underinsuring. If your policy covers only the mortgage or real-estate value, consider pumping up the bottom line, even if it means paying slightly higher premiums. Your policy should provide enough funds to start over from scratch. Construction prices tend to increase over time, so a new home on the same lot could deplete your emergency savings. In the aftermath of a natural disaster, when supply may outweigh demand for construction materials and labor, youll want enough funds to rebuild not just pay off the mortgage.
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