Chicago, IL (PressExposure) August 08, 2009 -- /1888PressRelease/ When it comes to your home, thereâs no such thing as too much insurance coverage. But if you live in an area with a homeowners association of which you are a member and are already paying dues to them, and you are also paying your individual homeowners insurance premium, do you need to pay more for insurance offered by your association?
According to a recently published article on InsuranceAgents.com, you just might.
âYour home is possibly your most valuable asset,â according to the article, âGetting the Lowdown On Homeowners Association Insuranceâ by InsuranceAgents.com. âIn todayâs economy, you canât put any of your financial assets at risk. You need to make sure that your home is thoroughly covered under any likely, unfortunate events.â
If your homeowners association is offering insurance, it should cover a variety of things, including damage caused by wind, fire, rain, floods and lightning. It should provide structural coverage, general liability coverage, theft errors and employee dishonesty, for those who are handling your premiums.
However, homeowners are recommended to keep an individual insurance policy instead of just relying on the associationâs insurance to keep them covered. It may find unfortunate homeowners with a bit of a mess to clean up.
âNever rid yourself of your individual homeowners policy,â the InsuranceAgents.com article suggests. âA homeowners association insurance policy will not cover everything you need covered, including your homeâs content and personal belongings.â
For homeowners, a homeowners association insurance policy should only be seen as additional coverage instead of as a replacement to an individual policy you may have now.
It can be hard to pay for two separate insurances, especially during this economy. So if youâre looking for a way to save money and still maintain security for your assets, consider comparison shopping and obtaining homeowners insurance quotes. Homeowners insurance agents will be able to contact you soon and offer you their lowest rates.
staff contribution: Meha Ahmad
Visit InsuranceAgents.com for more information.