If you were to run down the list of everything bad that could happen to your home, you might be too scared to even live there. Things like floods and fires can unexpectedly tear your home to shreds, so you always need to make sure you have a solid insurance policy. Read up on these great tips to find the best insurance policy for your home.
Keeping low annual premiums on homeowner’s insurance is a great concern to homeowners. A good way to accomplish that is to raise the deductible. By choosing a higher deductible, you can effectively lower the overall cost of your policy. However, you must make certain you have enough money in the bank to manage smaller repairs as needed.
Paying off your mortgage will lower your insurance premiums. Your rates will go down significantly if insurance companies see you have more stake in your home. The belief is, if you own your home outright, you will be more likely to take good care of it.
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.
Consider asking your insurance agent for a home owner’s policy review once you reach the age of 55. A lot of companies offer senior citizen discounts for those who are 55 or over. You should shop around if your insurer doesn’t offer this type of discount.
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.
To save money when buying homeowners insurance, consider putting an alarm system in. Most major underwriters will give a discount for a home that has a monitored alarm installed. Many times the discount you get will add up to more than what you pay for the monthly monitoring cost.
To get lower renter’s insurance, install safety features around your home. It is possible to save on premium costs if you install theft alarms, fire detectors and extinguishers. These things can also save a life, so it is a good idea to invest in them, learn to properly use them and be sure they are up-to-date.
Security System
Install a security system to help lower your homeowner’s insurance premium by 5%. Your security system must be watched over by a central station or tied directly to your local police station, in order to get this discount. Your insurance agent will want to see proof that your security system is being monitored.
Consider getting special earthquake coverage if you live in an area where such a policy is warranted. If your home is damaged by an earthquake and you don’t have earthquake coverage, you will be responsible for paying all of the repair and replacement costs.
Before a flood strikes, you need to know what to do to be sure that your home is insured against floods. The only way to insure against the risk of floods in the US is via the National Flood Insurance Program (NFID), administered by FEMA. Insurance companies work with FEMA to sell coverage to homeowners. Therefore, always have a plan in place to cover flood protection, and know whom to contact at your insurance company in order to arrange for it.
Create a comprehensive list of the valuables that are in your home, and provide a copy to your insurance agent. Take pictures of your items, and have them stored somewhere away from your home. Confirm with your agent that all of these items will be covered, and make sure to update your agent on new valuable purchases that should be covered.
If you’re expanding part of your house, take into account factors that could impact your insurance policy. Your premiums may depend on the building materials you use. This type of material is damaged less easily and comes with lower insurance policies.
Homeowners insurance is a very important part of owning your own home. Being insured means that should the unthinkable happen, you and your family will not be out on the streets and forced to start again from scratch. These tips will help you find the right policy to protect the ones you love.