The home you purchased was a very large investment. It is best if you’re always protecting this investment with a great homeowner’s insurance policy. There are many places to find insurance and many types of coverage, so pay attention to these tips so that you can figure out what you need and for what price.
There are two ways to decrease the cost of your home insurance. The first step is to put in burglar alarms. It can reduce your insurance premiums by several percentage points. Be sure to send a copy of your installation bill or security system contract to your insurance company. A second round of renovations that will help would include the installation of smoke alarms. This method can reduce your annual cost up to 10 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.
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.
Make sure you understand your coverage when it comes to temporary living expenses. Some policies cover the expense of staying somewhere else if something happens to your home. In the event that this occurs, save all receipts to document your expenses.
You can save money on your homeowners insurance by providing proof that you have made your home a safer place through the installation of a number of safety-related features. Install smoke detectors, fire extinguishers, deadbolt locks, burglar alarms, and/or fire alarms, and your insurer will likely offer you a preferred rate.
Keep your homeowners insurance policy up to date. If it’s been a few years since you purchased your policy, you might be under insured. If you’ve made improvements to your home, your policy might not reflect the increased value. Building costs have gone up too, so review your policy yearly, and if needed, make changes to be adequately covered.
Your home can be damaged by numerous things. One of those things is fire. You need a good policy that insures fire in case your home is damaged by human error, wildfire, arson, cars, storms or even earthquakes. Check your policy and ask questions of your insurance agent to make sure you are protected from these types of damages.
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 moving, check your policy. Moving can be a stressful and busy time. Even so, make sure you take the time to stop and double check what your insurance covers. If you are moving a lot of valuable things, you might want make sure that they are covered during the moving process.
You can reduce the cost of your homeowner’s insurance by installing tracking devices and alarms. Insurance companies want you to be less risky, and if you install alarms, you seem like less of a risk. Alert your insurance company as soon as you install the system so that you can start saving money on your premium as soon as possible.
Look for insurance companies that offer homeowner’s insurance along with health and life insurance. Obtaining many different policies from the same insurance company can yield yearly premium savings in the hundreds of dollars. In addition, it’s easier to manage all your policies because one agent is usually in charge of them all; therefore, he or she can answer every single question you have. In addition, you can pay off all your premiums at one location.
Total Cost
Spending a little money on a home-security system saves money in the long-term with your insurance. In addition to feeling more secure, you will be saving money. Protect your investment in your home, and your insurance company will reward you with discounts on your premium. The savings on the premium will pay for the new security system, over time.
Consider the total cost before submitting a claim on your home owner’s insurance policy to prevent premium increases. If the total cost for a claim is lower than your deductible amount, do not file the claim. At the same time, if the cost is not much over your deductible, you may want to reconsider filing a claim. Often, keeping a lower claim ratio on your policy, prevents rate increases over the long-term.
Having a working burglar alarm that is monitored at a central station or can contact the police right away will help lower the cost of homeowner’s insurance. It could lower the price by as much as 5%. You would need to prove that you have the alarm hooked up at your home by providing the bill to your insurance company.
Want to save 10% on your premium? Install fire alarms in the house. Insurance companies will feel that your home is safer when fire alarms are installed. Some insurance companies may reduce your premium even more if you have more fire alarms.
Do not be confused with the various types of coverage out there. Just remember that you need solid protection for your home and what’s inside of it. If you follow the tips in the article above, you will be able to find a solid policy that provides ample coverage for your home without breaking the bank.