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 renter’s insurance policy for your home is inexpensive and will protect your valuables in the event of certain types of loss or damage. Renter’s insurance covers your personal belongings. You have to purchase your own insurance to cover your personal belongings in case of theft, fire or flood.
Save money on your homeowner’s insurance by not purchasing items that are potentially injurious. Building a swimming pool or buying a trampoline can raise your annual premium by as much as ten percent or even more. Instead, visit the neighborhood pool or playground and get the same enjoyment for a lower price.
When considering insurance for your home, it may be beneficial to have an alarm system installed. Not only will this be beneficial for your own safety, but your insurance rates will reflect the added security as well. After providing proof that your system is monitored by an agency, you may qualify for up to 5% off your rates.
There are a couple of different ways you can reduce your homeowner’s insurance premiums. The first step is to put in burglar alarms. This can reduce your premiums by five percent. The insurance company won’t automatically know you’ve installed a security system, however, so you must submit proof of this. Install new smoke alarms in your home. Together, these two improvements will keep you safer and save you a total of 10% annually.
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.
To save money on your homeowners insurance talk to your agent and see if the company provides discounts for installing additional smoke detectors. Many older homes lack them in areas that are considered standard places to install today and many insurance companies will provide a discount as an incentive for you to add more.
It’s important to know if your insurance allows for living expenses elsewhere. Many policies cover this cost up to a point. You need to be careful and save all your receipts to make sure you can get it all paid for.
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.
At least once a year compare the cost of your homeowners insurance to that of other companies to see where the savings are. You may very well find another company offering much better rates than your own or a discount for signing up with them. If you think you can get significant savings with another insurer, call them up and tell them you might be interested and they may present you with even better numbers to obtain you as a customer.
Certain things in your home will affect the cost of your insurance policy. For example, if you have a swimming pool, insurance costs run higher due to a higher level of liability. The house’s distance from any emergency services, like fire hydrants, is also considered for your coverage. This does not mean that you should only live where the cost of insurance is low, but you should keep in mind that these types of factors affect your insurance cost.
Consider the idea of including personal bodily injury protection to your policy. This coverage protects you in the event of damage or injury occurring to others either on your property or from actions of someone in your home. You will also be covered if your children cause some kind of damage to your home or on your neighbor’s property.
Before you buy a home you should check to see how much the insurance will cost for it. Different factors determine how much you will be paying for homeowner’s insurance such as what the home is made of, the size of it and the age of different systems within the home like the electrical system.
You may not think you need flood insurance if you live outside a high-risk flood area, but it may be a smart idea anyway. 25% of all federal claims are for flooding outside of high-risk zones. If you are in a low-to-medium risk flood zone, you may get a good flood insurance discount.
You can save on you homeowner’s insurance by buying other types of insurance from the same company. When you do this, the insurance company usually gives you a multiple policy discount that can be worth up to 5% or more off your total cost. Call your insurance provider to find out exactly what discounts they offer.
Safety Features
Spending money to install a security system on your home is an excellent way to save money on your insurance. This is a great way to not only save money but add a little extra piece of mind as well. Your premiums are lower for homeowner’s insurance when you have a security system because insurance companies prefer that your home has features that protect it from loss. The amount you save on premiums will soon pay for your security system.
To lower your home insurance rates, add new safety features to your home. Home insurance companies often have discounts available based off of safety features like door and fire alarm systems. If you have recently upgraded your home with these features, be sure to call your insurance company to alert them and check on potential discounts.
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.
When you are adding on to your home, be aware of how the design elements can affect your insurance rates. Using high-quality materials can reduce the increase in insurance your addition will bring. Because such materials are more likely to hold up over time, your carrier may offer you a discount on your policy.