Knowing these home insurance points can help you protect your property and yourself.

1. There are coverage limits on certain types of property

Standard coverage limits for jewelry, art, business equipment and other costly items are usually lower than what the items are actually worth. Adding a supplemental rider can help ensure that these items are fully covered.

2. Flood insurance is a separate purchase

The average flood claim for U.S. homeowners is about $30,000, according to the National Flood Insurance Program. To protect your home from flood damage, you need to purchase flood insurance. Keep in mind there’s a waiting period—usually 30 days—from when you buy flood insurance until coverage starts.

3. Not reporting home improvements can leave you underinsured

Building a deck or remodeling your kitchen adds value to your home, which increases its replacement cost. Let your agent know of changes you make to your home in order to accurately insure the property.

4. Home maintenance can save you from trouble later on

Removing dead limbs from trees, keeping gutters clean and fixing leaks are just a few of the ways to prevent or reduce damage to your home. If you ignore a problem like a leak in your roof, and the damage worsens, insurance may not cover it.

5. An accident on your property could cost more than your home insurance policy covers

For extra protection, consider the value of an umbrella policy, which can provide you with additional liability coverage, starting at your home policy’s maximum and extending to $1 million or more.

Be savvy and save on your home insurance with these discounts.

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6. If you change how you use your home, talk to an agent

Certain things you do with your home—using it for business, making it a rental property or leaving it vacant—can make you more vulnerable to a claim and may violate your policy. When in doubt, talk to your agent so you’ll know if you need to adjust your insurance coverage.

7. Look at actual cash value versus replacement cost value

The replacement cost value of an item like a roof or a stove is what it would cost to buy a new one; actual cash value is what the used item is worth after depreciation. There is a difference in cost (actual cash value coverage costs less) because the payouts will be different, so make sure you know what kind of coverage you have.

8. Making your home safer can save you money

Installing smoke alarms, carbon monoxide detectors and a home security system are good ways to protect yourself and your loved ones. They can also reduce the cost of your insurance, so be sure to let your agent know about all the things you’ve done to make your home safe.

9. Your agent can help you make smart insurance decisions

An agent can advise you on whether it’s in your interest to carry a higher deductible, why you might want to avoid filing a small claim, how to decide how much insurance you should have and more.

Are You Protected?

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Insurance underwritten by one of the following companies: Auto Club Insurance Association, MemberSelect Insurance Company, Auto Club Group Insurance Company, Auto Club Property-Casualty Insurance Company, Auto Club South Insurance Company, Auto Club Insurance Company of Florida, or non-affiliated insurance companies.

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