Shopping for home owner’s insurance is not something most people do frequently. You need to find a policy that gives you sufficient coverage at a price you can afford. Choosing the right insurer can make all the difference when it comes time to file a claim.
Many times renters neglect to purchase renters insurance. You should not rely on your landlord’s insurance policy to protect your possessions because the specifics of landlord policies are designed for unfurnished properties. If you want your belongings to be covered, you must purchase your own policy.
If you are building an addition to your home or considering a major renovation, check what effect this will have on your homeowner’s insurance rates. Wood-framed structures are considered to be a fire risk, for example, and will raise your insurance rates. Using cement, steel, or other fireproof materials will mean your addition costs less to insure.
Homeowners who pay off their mortgages faster will see less costly insurance sooner. Insurance companies believe that if you own your home outright or have a greater stake in it’s equity, you will be more likely to take good care of it and keep it’s value higher. Try to increase the amount you pay each month to pay it off sooner.
Know your homeowner’s insurance policies about additional off-site living expenses. Some policies cover the expense of staying somewhere else if something happens to your home. That said, you have to keep receipts and provide them to the insurer.
For insurance there are a lot of things people can do to drive costs of premiums down. Be wise when you chose the materials to renovate your home as cheaper items, such as wooden frames, could add a heft amount to your insurance bill.
You might be able to get a discount on your homeowners insurance if you have a security system or alarm. It’s not enough to have local alarm — to qualify for the discount, you usually have to have a monitored service, and the insurance company will ask for proof of this, so make a copy of your monitoring service contract to give them.
Even a well maintained home may have features which increase the insurance premiums on it. For example, if you’ve got a swimming pool, your insurance may be higher due to higher liability. Distance to and from emergency services, like hydrants, is going to affect your premium as well. Different things will determine the price you pay for insurance, and this is certainly not the only consideration when choosing which home to buy.
If you need to file a homeowner’s insurance claim, you’ll need to prove your losses. A good way to document your possessions is to take a video while walking through your house, describing the items. Then upload the video to a safe, non-public place online, so it won’t be destroyed if anything happens to your home. Scan receipts for your possessions, too.
If you’re in a living situation where roommates are involved, you need to check your insurance policy to learn whether their belongings are covered. There are policies that cover everything on site, and there are other policies that only protect your belongings. See what is covered to avoid making out a check to a roommate following a disaster.
When putting together a claim, always get quotes from local contractors before talking to the claims adjuster. Keep receipts over time to save you from taking a loss when an accident strikes. If you are unable to live in your home as a result of damages sustained, you may have to pay to stay in a hotel or motel. If so, save your receipts and submit them to your insurance company for reimbursement.
Insurance Premiums
You can save lots of money on insurance policies if you have a security system installed. This will not only give you peace of mind, it will also save you money on your insurance premiums. The things you do that protect your greatest investment, your home, make you a lower risk, and will help to lower your insurance premiums. Your savings on insurance premiums will help you cover some or all of the cost of installing the security system.
Your neighborhood might have gone through changes that can cut your insurance premiums. Certain structures, such as a fire hydrant within a close proximity, will drop your expenses, in addition to your other savings. Look at new local developments often and report changes.
If you put the tips from the above article to good use, you can have an easier time shopping for home owner’s insurance. Get all the coverage necessary for your home, so that if you need to issue a claim, that most, if not all of it, will be properly covered.