There are so many insurance companies out there that it’s hard to know which companies are legitimate and which ones are only looking for your monthly fees and have no real plan of following through with their commitment. You can sort through the pretenders by checking out these housing insurance tips.
A simple way to save money on homeowner’s insurance is to work towards paying off your mortgage. Outright homeowners are more careful about their home, or so say insurance companies. If you pay off your mortgage debt, then your annual premiums will go down.
Frames Cost
To save money on your homeowner’s insurance consider the costs of construction projects before you begin building. Structures with wooden frames cost more to insure because they have more risk of burning, while structures with steel frames cost less because they are sturdier and hold up under adverse weather or other conditions.
An alarm system can help lower your premium. Insurance companies want you to be less risky, and if you install alarms, you seem like less of a risk. Let your insurer know when you have such features installed, and you might just realize immediate premium cost reductions.
Do not forget to mention security systems when requesting quotes for your home owner’s insurance. For savings of up to 5 percent every month, install a home security system that connects with offsite security.
When considering insurance for your home, keep in mind that having your mortgage paid off can actually effect your premium amount. Insurance companies will commonly reward you with a lower premium if your mortgage is paid off, because it is generally thought that a home will be better taken care of if it is fully owned.
You can save 10 percent on insurance premiums by installing fire alarms. Your insurance provider will consider the risks of fire as much lower if you have a good alarm system. Some insurance companies go as far as to giving out even more discounts to home owners who install several fire alarms.
What would do you do if your home was destroyed in a natural disaster and needs to be rebuilt? If you purchased your homeowner’s insurance years ago, the cost of construction and materials may have gone up. For this reason it is important to make sure you buy a Guaranteed Replacement Value Insurance premium which will guarantee that your home will be rebuilt regardless of the cost.
For things like homeowner’s insurance, there are things that you can do to help lower the cost of your coverage. Things like a home alarm that is monitored by a central location, can help drop your premium almost as much as 5%. You need to have proof of the alarm to show your insurance company, so you have your contract or bill of sale to show them.
Check the company’s history and stability before getting a home insurance policy through them. You want to feel comfortable that they are reliable and will still be in business when you need to file a claim. You should do this in a seasonal manner once your policy is in place.
Don’t automatically assume that your homeowners policy will reimburse the full replacement or retail cost of your valuables if they are destroyed or stolen. To be covered, they must be included on your policy in the form of an endorsement. A qualified appraisal must be obtained and an amendment added to your policy to ensure full protection.
Pay your home insurance yearly instead of monthly. Breaking it in to monthly payments may make it seem to be cheaper but if you save the money to pay it in full for the year, you will get a discount for making that payment. This can save you a good bit of money over the years.
Putting your policies within the same company can reduce your premiums. Many insurance carriers offer discounts for customers with multiple lines of insurance. By maintaining your auto insurance and homeowner’s insurance through the same insurance company, you can save a lot on premium costs.
Having insurance as a homeowner is a must, but you should never settle for just any policy backed by just any insurance company. Make sure you use these tips to find a great policy from a legitimate insurer whose services will be there in a timely fashion should you ever need them.