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Top Insurance Mistakes made when buying a house:

Courtesy of Insure.com

1.  Not understanding the amount you are insured for. You are not insured for the market value of your home. You are insured for the amount it would take to rebuild your house.

2. Not understanding what is insured. You are insuring the dwelling and its contents, not the land.

3. Buying inadequate coverage for your personal belongings. Make sure to buy "replacement cost" coverage for your belongings, not "actual cash value" coverage.

4. Forgetting to insure damage from natural disasters. Disaster coverage must be purchased separately. If you live in an area prone to earthquakes, floods, or windstorms, make sure to purchase additional policies for those.

5. Assuming mold that results from water damage will be covered by home insurance. Mold damage and remediation is not covered by a typical HMO policy, except in Texas.

6. Home businesses are not covered by standard home insurance. Home businesses need to be covered by a separate business policy.

7. Underinsuring your valuables. There are special limits on the home policy for Jewelry, Art, Money, Manuscripts, Stocks, Bonds, Guns, Golf Clubs, Cemetery Plots, Silver, Medals, Watches, Silverware, Goldware, Business Property, Watercraft and their trailers, among other things. 

8.Not keeping a list of your belongings. If your property is damaged in a fire, for example, a home inventory will help you remember what you had in more detail.

9. Lacking appropriate Liability Insurance. Consider an Umbrella Policy in addition to your home and auto policies to cover extreme cases, like accidental death from drowning in a swimming pool, or severe car accidents.

10. Owning a "vicious" dog. If you acquire a dog viewed as "vicious" by your carrier, the company can decide not to insure you anymore. Companies decide what dogs are vicious by the claims they receive-most popular breeds to get you in trouble include Dobermans, German Shepherds, Akitas, Huskies, Wolf hybrids, Pit Bulls, Rottweilers, Chows, and Mastiffs, to name a few.