A home insurance policy is one of those things you pay for in the hopes that you don't ever need to use it. And more than likely, you never will need your home insurance policy for anything more than a small claim. Still, it's important to make sure you're getting the coverage you need at a reasonable price, so re-visiting your policy at least once a year is always a good idea. And when it comes to your home insurance policy, there are a few mistakes you'll want to be careful to avoid.

Foregoing Flood Coverage

Many homeowners assume that their policy automatically includes coverage against flood damage. Unfortunately, most insurance policies don't—and standard "water damage" protection generally doesn't include coverage against flooding. With this in mind, you may want to purchase flood protection for added peace of mind—especially if you live in an area that is in a known floodplain. 

Failing to Report Claims ASAP

Hopefully, you'll never even need to file a home insurance claim. If you do, however, it's important that you report your claim as soon as possible to your home insurance agent. For some types of claims, you may only have a certain number of days or hours to report the damage; otherwise, your claim could be denied. When reporting a claim, it's also good to have any necessary documentation (such as photos) available as well.

Overlooking Potential Savings

There are all kinds of home insurance discounts available, though these can vary a little from one insurance carrier to the next. Be sure to check with your home insurance agent at least once a year to make sure you're taking advantage of all the ones available to you. For example, did you know that if you recently replaced your asphalt shingle roof with a metal roof, you may be entitled to an insurance discount?

Choosing a Too-High Deductible

Select your home insurance deductible wisely. Ideally, you should select an amount that you know you'd be comfortable with paying in the event that you needed to file a claim. While you may save money on your monthly payments by selecting a higher deductible, the last thing you want is to be stuck paying a large amount out-of-pocket after filing a claim.

These are just a few of the most common home insurance mistakes people make. By avoiding them and revisiting your policy at least once a year, you'll be in good shape. Contact an insurance agency such as Bishop Insurance Agency for more information.