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.
Most renters forgo renter’s insurance because they believe they are not at risk. You should not rely on your landlord’s insurance policy to protect your possessions because the specifics of landlord policies are designed for unfurnished properties. You have to buy your own insurance policy to protect your things in case of flood, fire and theft.
Even if renter’s insurance isn’t mandated where you are living, it is highly recommended. You simply never know what is going to happen. Renter’s insurance covers all your valuables in the case of some disaster like a fire or a flood.
Check with your homeowner’s insurance before adding any major recreational structures to your property. Adding on a swimming pool, above ground or in ground or even children’s toys, like swingsets and trampolines, can significantly raise your homeowner’s insurance rates. The increased cost of these items should be considered before any major renovation.
No mortgage? Lower insurance rates! Although this is difficult to accomplish, the savings can make it worth your while. Insurance companies reward homeowners who own their home free and clear.
When you move homes, be sure that your belongings are insured for the move. This may mean buying insurance from the moving company. Your homeowner’s insurance policy may also cover items that are damaged, lost, or stolen in transit. Check with your insurance agent about a “special perils endorsement”, which will protect valuables during a move.
Security System
Flood insurance may be a smart investment, even if you don’t live in a high-risk area. Almost a quarter of federal disaster claims for flooding are from residences that are located outside of flood plains. When your area is at low risk of floods, you’ll save money on flood insurance, too.
A good security system can reduce your premiums. That will deter break-ins. Insurance companies see your home as less of a risk when you have a home security system. They will lower your rates. Do not forget to send proof that your house is secure to your insurance company.
When you buy real estate you need to be sure to purchase title insurance. It is a form of insurance which insures against financial losses due to defects in the title. The insurance company will defend the title in a possible lawsuit or reimburse the owner for his monetary loss. The insurance policy costs a few hundred dollars but in case of a lawsuit it can provide you with the protection you need.
Want to save 10% on your premium? Install fire alarms in the house. Agencies are more comfortable when their customers practice safety-smart measures and installing fire alarms is a prime example. Plus, some companies will even offer a steeper discount if you’ve got multiple alarms set up.
Making too many claims on your home owners policy can cause you to be ineligible for renewal. Chose the claims that you want to file carefully as it may cause you your policy if you file too many claims in a short period of time. If the cost of damages are close to the cost of your deductible, do not file the claim.
Earthquake insurance is recommended for people who reside in an earthquake prone area. This is important in case of an earthquake, and unless you have the funds to fix your home, the insurance policy will help cover the costs of the damage.
The insurance company you choose should be financially stable. You need to feel sure that they have the resources to pay your claim if you ever need to make one. Once you purchase the policy, do this every three months.
Homeowner’s insurance is an expensive but necessary investment. Keep in mind that there are many strategies that can work to lessen your insurance bill. For example, you could get a lower premium by choosing a higher deductible. Look into updates like security systems or a new roof that can lower your rate. Check with your insurance company for a full listing of the updates and improvements that can save you money on your policy.
Talk to your insurance agent or company and find out ways you can protect your home from natural disasters or preventable claims. Retrofitting a home with items like storm shutters or roof reinforcement makes your home more likely to withstand storms and also may affect your home owner insurance premium.
Try to find an insurance company that you can use for as much of your insurance needs as possible, in order to reduce your premiums. There are often discounts available through carriers for this. For example, insure both your automobile and your home with the same company, as long as it is feasible to do so.
One way to save on your home owner’s insurance is to increase the amount of the deductible on your policy. Increasing your deductible can usually help bring your premiums down. Make sure, though, that in the case of a claim you are financially comfortable with paying the deductible amount you are choosing.
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.
Save some money on your home owner’s insurance by purchasing other forms of insurance through the same company. This can save you five percent or more on your deductibles. Be sure to visit your insurance company’s website (or call them), to see what other insurance options are offered