A lot of states mandate that you must have some type of homeowners insurance. That leads some people to get a weak policy just to abide the law rather than getting a strong policy to protect their family and house. Don’t short-change yourself here; check out these tips on finding a great insurance policy.
Reducing your premiums is easy. The first one is to put a security system in your home. This installation may result in a 5% decrease in your annual premiums. The insurance company won’t automatically know you’ve installed a security system, however, so you must submit proof of this. You should also have smoke and fire alarms installed in every room in your house. You may realize savings of 10 percent each year in this way.
Pay off the mortgage on your home to save money on your insurance premiums. Paying off a mortgage takes time, but you should make this a priority. They usually think that if you own the house outright, you’ll take better care of it.
To keep your coverage up to date, be sure to review your homeowner’s policy every year. Let your insurer know of changes in your home and property that may help keep your premiums down. For instance, if you have replaced a shake roof with something more fireproof, like composite shingles, you may get a premium reduction.
Keep a detailed inventory of all valuable items within your home. Anyone who has suffered a catastrophic loss will tell you how hard it is to remember everything that was in the house during a time like that. The most simple way is photographing everything and saving the photos digitally.
Smoke Alarms
Smoke alarms can help you save on your homeowners insurance premiums. With installed smoke alarms, you can save around 10% or more on your annual homeowners insurance premiums. It is possible that if you add more smoke detectors, your insurance agent will further discount your policy. Don’t forget to tell your agent about your smoke alarms.
Do not neglect flood insurance. Many times traditional insurance doesn’t cover it, and current events remind us all the time that flooding may occur in locations that don’t expect it. Flooding can happen unexpectedly and be very damaging, so make sure you get the right plan.
Flood insurance is an extra insurance type that can truly help those who live in high risk areas. It may add a bit more to your total premium costs, but it can save you from losing everything in case of a flood. High risk areas are flood insurance musts to help you protect your investments.
Stay away from pools and trampolines. While your kids may love to jump on the trampoline or swim in the pool, these little extras are insurance nightmares. Insurance companies will up to double the rates of a homeowner who installs either of these items. Stay away from extras with the potential to harm!
If you are nearing age 55, you ought to review your homeowner’s coverage. A lot of insurance businesses offer senior citizen discounts, and they usually start at age 55. If no such discount is offered, weigh your options and shop around.
Security System
Install a security system to reduce the cost of your home insurance. By installing a burglar alarm that is linked to a local police station you can decrease your home insurance annual premiums by 5% or more. Make sure that you inform your insurance company that you have a security system installed and be aware that they may ask you to provide proof.
A security system is a real boon when considering homeowner’s insurance. Doing so can mean a decrease of at least 5 percent in the cost of your yearly premiums. Ensure your security system reports to an off-site location so all burglaries can be properly documented.
You need to make certain that your family and your home are covered, but you also need to ensure that the insurance policy you have isn’t just a bottom-of-the-barrel piece of paper that says you’re insured. You need an ironclad policy that will really pay off when you need it to. Follow the tips you just read here and make it happen.