"As a renter, you might have a renters policy with $20,000-$50,000 worth of personal property. AS you go to a home, now you are buying more furniture, dishware, outdoor lawn equipment and furniture, so the value of everything you own goes up dramatically," said Andrew Leeds of Plymouth Rock Assurance. (Credit: Freedomz/stock.adobe.com)
During the past year, a lot of first-time homebuyers purchased insurance coverage online, increasing the potential for misunderstandings on what a policy might or might not cover.
"A first-time homeowner might not be thinking about the AC unit in the attic or water heater in the basement," explained Andrew Leeds, vice president of claims at Plymouth Rock Home Assurance. "In many cases when you have a mortgage, it is required that you buy insurance. But it is just a minimum requirement for what you are purchasing. If you are an uninformed buyer, you might not address every possible scenario that might be covered by another policy."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
