Your home is one of your most valuable assets, and it is important to protect that asset with good insurance. But how can you be sure you have a good homeowner’s insurance policy? And how do you know what you should avoid? These tips will give you the information you need to make good insurance choices.
A lot of renters don’t get renters’ insurance. While the building your apartment is located in is covered by the policy your landlord holds, your personal belongings are not. You need to get your own policy to cover your stuff in the event of a fire, flood, or even burglary.
When you comparison shop for homeowner’s insurance, make sure you let insurers know you have installed a security system at your house. You can save five percent on monthly insurance premiums if your alarm system is monitored by a security company.
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.
No mortgage? Lower insurance rates! If you are in the position to pay off your mortgage, it is a good idea to do so. Insurance companies believe that those who own their own home will take better care of it.
Flood Insurance
You may think you don’t live close enough to a body of water to have to worry about flood insurance…but think again. Before you decide you don’t need it, assess the flood risk for your geographical area. You will be surprised at the unexpected parts of the country which have experienced floods in the past year or two, and if you live in or near on of these areas, flood insurance may be right for you. FEMA.gov is one site that provides information on flood risks for all parts of the U.S.
Your jewelry, electronics, and other valuable items will be very difficult to replace in a homeowner’s insurance claim if you don’t make the effort to document each of them with photographs. While this might require a bit of work on your behalf, the insurance company will need this information to provide an appropriate compensation value for any destroyed, stolen, or missing items.
When you are dealing with homeowners insurance keep in mind that some insurance companies will actually lower your premium if you get your mortgage paid off. They will think that since you own the home outright you are more likely to take better care and pride in your home.
There can be many things that can be done to help lower your homeowners insurance. Most people will think about what they have done in regard to safety in their home but most don’t think about the neighborhood around them. For example, if a fire hydrant was put in within 100 feet of your home it might be used to lower your premium. It never hurts to call and ask.
Spending money an a good-quality security system for your home will help you to save on your insurance as well. This is a great way to not only save money but add a little extra piece of mind as well. Protecting your home makes you a lower risk of filing a claim. A proper security system can save you money year after year on your homeowner’s insurance policy premium expense.
It’s important to take the time to assure your homeowner’s insurance policy is a good one. Now that you’ve read this article, you have advice that will guide you through the insurance process. Take time to review your insurance policy from time to time. Protect one of your most valuable assets!