While no one wants to think about anything bad happening to their home or belongings, the reality is that it happens to people every day. Home owner’s insurance can grant you peace of mind that if anything should happen to your home, you will have the needed financial assistance to get it taken care of. This article will help you get started by teaching you a bit about home owner’s insurance.
You can do two things to lower homeowner’s insurance premiums. Get a security system. Your annual premium could potentially be reduced by 5%. Just remember that you will need to give your insurance company documentation that you’ve installed a security system. This may mean presenting them with a bill or contract. Next, get smoke alarms through your home. This may save up to 10% annually.
Security System
Make any insurance company aware of your home security system when contacting them for quotes. You can reduce your premium each month by up to five percent if your security system is connected to a security service should you be burglarized or have fire.
There are many things that can cause damage to a home. Fire is just one. Be certain that your insurance has a fire policy that will protect your investment in case of fires due to storms, arson, human error and even earthquakes. Look over your policy thoroughly, and don’t be afraid to ask questions to ensure that you are completely protected from fire.
If you have a child in college, check with your insurance agent about whether the child’s residence requires a separate insurance policy. Nearly all policies will cover belongings stored in a dorm room, while the regulations about off-campus apartment living will vary widely from policy to policy, even within the same company.
When considering insurance for your home, be sure to have plenty of fire alarms installed. This will not only help with your own safety, but also will qualify you for possible discounts from your insurance provider. Especially in old homes, it is essential to have at least one detector per level. Be sure to be proactive in telling your provider about your smoke alarms.
Install a home security system that is monitored centrally by a security company. You’ll be safe and your insurance premiums may drop by as much as five percent. To get this discount, you have to show some proof that your alarm is centrally monitored.
Like most homeowners, you want to keep your insurance premiums as low as possible. Installing and maintaining a high-quality home security system can lower your yearly premiums by five percent or more. Make sure that it’s centrally monitored by a security company or linked to a local police station. Your insurance company will want to see evidence that your system is monitored before they give you the discount.
Federal Disaster
Make potential claims easier by documenting everything inside of your home using photographs, video as well as a list of inventory. If you need to make a claim, insurers will require documentation of your possessions. Having an accurate inventory will make the claim process easier for everyone involved. Consider purchasing a safe deposit box or a fire box to keep your documentation safe.
If you live in a flood-prone area, never assume that you can rely solely on federal disaster assistance rather than purchasing flood insurance coverage. In the first place, a large percentage of all flooding incidents never qualify for federal disaster relief. Secondly, you may pay more in interest for a federal disaster loan than you would pay for flood insurance.
Home owner’s insurance is something that we all hope to never need, but in the case of a natural disaster or theft, it can be an invaluable thing to have. Taking into account what you have learned from this article, you now have the knowledge you need to begin protecting your home and family with this important insurance.
If your home is in or around a flood plain, look into flood insurance. Flood damage is not generally included in regular insurance policies, but it can be bought from the federal government.