Even smaller homes today can cost you a small fortune, so it’s just a smart move to make sure that you’re protecting that investment. Having a good home insurance policy is not only mandated depending on where you live, it’s simply smart business. Here are some great insurance tips you can use to your advantage.
Keep a current inventory of your personal belongings to facilitate fast processing of your insurance claims. People that have had a tragedy in their home will let you know how difficult it becomes to recall everything that was lost. Photos and receipts are the ideal method for informing the company of the included belongings.
You must buy homeowner’s insurance. If you don’t have homeowner’s insurance, you will be out of luck if you are robbed, natural disaster strikes or your house burns down. Most mortgages require the owner to take out an insurance policy.
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.
Install additional smoke alarms in your house. This will show insurance companies that your home is a good safety risk, and they like to insure safer homes. By putting more smoke detectors in your home, you can effectively reduce your homeowner’s insurance rates.
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 be sure that your getting your claims processed in the right manner, keeping a record of what your home contains is necessary. Anyone who has suffered a catastrophic loss will tell you how hard it is to remember everything that was in the house during a time like that. It’s best to have pictures of everything, including inside closets.
A security system can make your home look safer, saving you money on insurance. In this way, you may be able to reduce your premiums by at least 5%. Just be sure that you are connected to a central station so everything will be documented.
One advantage of installing or replacing the smoke alarms in your house is that doing so can help lower the cost of your homeowner’s insurance. If you have an older house, you could save up to 10 percent a year. You may also get a further discount by putting in additional alarms throughout your house.
A valuable tip for anyone needing to file a homeowners insurance claim is to keep detailed records of each and every contact made with the insurance company. It is important to keep a log that documents the time, date, and substance of every phone call, email message, or piece of correspondence. It is also wise to confirm in writing any promises received or agreements made during such communication to prevent disputes or misunderstandings during the resolution of the claim.
Find out about a company’s financial stability prior to getting a policy through them. This will ensure they will pay claims if you have to file one. Do that every four months after opening your policy, too.
To reduce renter’s insurance, safety should be your priority. Having fire detectors, burglar alarms and fire extinguishers on your property, can net you a significant discount on your premiums. It might save your life too, so make certain to buy these things, learn to use them properly and keep them current.
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.
If you live in an earthquake-prone area, earthquake insurance may be a smart investment. Earthquake insurance is mandatory in order for your home to be covered during this emergency.
Make sure to get homeowner’s insurance when you purchase a house. People sometimes forget about insurance because they are too busy dealing with other matters. If something disastrous happens to your home, such a fire, hurricane, or flood, your homeowner’s insurance will help pay all or some of the repair costs.
If you have home insurance and also have a dog, make sure that you look for policy options that cover people who may be attacked by your dog. It’s a strange and backwards world sometimes, but an intruder can actually sue you if your dog attacks him. Yeah, it’s crazy, but that’s why they have these coverage options.
When taking a detailed inventory of your possessions, you can document each item using a digital camera or camcorder, or even a pencil and paper. If you suffer a loss, this documentation will help your insurance agent quickly process your claim. Keeping this type of inventory speeds the process and helps things get resolved easier. Place this list in a safe place.
Get an estimate of damages to your home prior to filing a claim on your home owners insurance. If it is not going to cost you much more than the deductible to repair, do not file the claim. Each claim that you file will cause your premium to increase for the year.
Remember that anything can happen to your home at any time. If you want to ensure that your home is fully protected, then you need to be insured. There are no two ways around that fact. If you use the tips you’ve just learned in this article, you can work to save money on a great insurance package.
When choosing a new insurance company, look for one that can provide multiple policy types, such as homeowner’s, vehicle and life insurance. You will save a lot if you purchase your policies in bundles. It is also easier to keep track of your policies if you have one company and one agent.