Finding the best policy for your home is very important in this modern age. With home prices becoming so astronomically high, you might not ever be able to afford to live anywhere else should something bad happen to your current residence. Read up on these insurance tips and protect yourself.
Tell your insurer about security systems you have in place. A security system that is linked to a reporting agency can cut your monthly premiums down at least five percent.
To lower the annual insurance premiums on your home, increase your deductible amount. Although this means that minor claims such as leaky pipes, broken windows or the like will not be covered, these types of damage typically only cost a couple hundred dollars to repair, which will be less than you save.
Lower your annual home insurance premiums by raising your deductible. The higher the deductible, the less you pay. Even though you will be stuck with footing the bill for smaller problems you may encounter, it is worth it in the long run. Insurance companies tend to raise a homeowner’s premium after any claim they make, no matter how small.
Inventory your home to ensure your claims go through when necessary. 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. It’s best to have pictures of everything, including inside closets.
After purchasing your homeowner’s insurance policy, go around your home and take photographs of your belongings so you have a visual inventory. Store these photos in a fireproof safe or at a relative’s house. These photographs will help the insurance company document your claims, and help you get your money faster.
If you have recreational amenities in your backyard such as pools, hot tubs, trampolines, or other contraptions that are likely to cause injury, these can raise your insurance premiums, sometimes by 10 percent or more. Consider this when making a decision about purchasing a property with these things, or adding them to it.
If you are turning 55, it is a good time to start shopping for a homeowner’s insurance policy or ask your carrier to review your current policy. A lot of companies offer discounts to seniors, and 55 is the minimum for many of these companies. Tell your insurer you plan to shop around if they don’t offer a discount.
Living Costs
Understand your policy’s coverage of off-site living costs. Many times, your company will cover your living costs if you are unable to live in your home. You will definitely need your receipts to show for proof.
You can get policy discounts by adding home alarm systems. These generally don’t cost that much to put into your home and can make you feel secure when you have to go somewhere.
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.
If you want to insure your home against flooding, you’ll need a flood insurance policy. Flooding is not covered by most regular homeowner’s insurance policies. Protection against flooding covers damage from things like too much rain, creeks rising, landslides and more. If you think you need this additional coverage, speak to your agent, who will explain options and costs for your area.
A security system is a real boon when considering homeowner’s insurance. This may lower your premium by more than 5%. Use a reputable security system company that records all situations and documents them for official use.
If you live in a flood-prone area, never assume that you can rely solely on federal disaster assistance rather than purchasing flood insurance coverage. In the first place, a large percentage of all flooding incidents never qualify for federal disaster relief. Secondly, you may pay more in interest for a federal disaster loan than you would pay for flood insurance.
A great way you can save on your homeowners insurance is to avoid expanding on your home too much. Sure, you can fix up those odds and ends, but putting that dream patio in your back yard or that extra bedroom on the second floor is going to cause your insurance payments to spike.
If you are planning on remodeling or upgrading your home, remember that the project can potentially affect your premiums. This can cause your insurance to raise, and you should make sure you know how much it will cost. Wood costs more to insure since it’s more susceptible to weather and fire damage.
Install a security system in your home that is monitored by a central monitoring station, and you will save about five percent on your home insurance. You will likely have to provide proof to your home insurance company to get the discount, but that is as easy as sending them a copy of your monitoring bill.
Do not smoke in your home. Most people know that smoking is terrible for their health. What you might not know is that not smoking can also save you quite a bit of money on your homeowners insurance. Just make sure that you inform your provider that your household is non-smoking.
If you decide to build any additions to your home, use insurance factors to weigh in on your overall design. Many times choosing materials such as steel or concrete can lower your premiums. Such material is likelier to withstand natural disasters, causing insurers to charge lower amounts for coverage.
Protecting yourself against disaster or damage is just a smart move for you and your family. By using these tips to help you select the right type of insurance, you can make sure that you’re receiving the type of coverage you need without having to pay an arm and a leg for it.