One of the best reasons to get homeowners’ insurance is, not only to protect your home from damage, although that is definitely needed, but you also need to protect the things in your home. It is much more likely that you’ll be a victim of theft than a victim of a tornado. Be sure to use the tips here to find the best possible policy.
Many renters do not realize that they need renter’s insurance. While the building your apartment is located in is covered by the policy your landlord holds, your personal belongings are not. You should have your own renter’s policy to make sure everything you have is covered.
If you suffer damage to your home that requires a claim to your homeowner’s insurance policy, don’t hesitate to take emergency steps to protect your home. Cover any broken windows, dry out wet carpeting, and secure any valuables that survived. If further damage results from your failure to protect your home, it may be considered negligence and not be covered.
Before a flood strikes, you need to know what to do to be sure that your home is insured against floods. The only way to insure against the risk of floods in the US is via the National Flood Insurance Program (NFID), administered by FEMA. Insurance companies work with FEMA to sell coverage to homeowners. Therefore, always have a plan in place to cover flood protection, and know whom to contact at your insurance company in order to arrange for it.
There are two ways to save money on homeowners insurance. An excellent idea is to get a home security system. This installation may result in a 5% decrease in your annual premiums. However, keep in mind you will have to prove to the insurance company that you indeed have a security system that works. Also, put in smoke alarms. This may save up to 10% annually.
Federal Disaster
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.
Flood insurance may be a smart investment, even if you don’t live in a high-risk area. Approximately one-fourth of flood claims happen in areas outside of flood zones. You might also get a big discount on insurance should you reside in a low-to-medium risk neighborhood.
Flood insurance is an extra insurance type that can truly help those who live in high risk areas. It may add a bit more to your total premium costs, but it can save you from losing everything in case of a flood. High risk areas are flood insurance musts to help you protect your investments.
Your neighborhood might have gone through changes that can cut your insurance premiums. Your premiums will become more affordable if a new fire station is built close to your home. As soon as you discover one of these changes, notify your insurance company so they can reduce your premium costs.
Earthquake insurance is recommended for people who reside in an earthquake prone area. The reason is that if you do not carry earthquake insurance, and you incur damages from an earthquake, you will need to pay for the repair or replacement costs yourself.
Take the time once a year to review your policy and make comparisons with other home insurance companies. You may find that the company that gave you the best premium rate last year is going to cost you more for the following year. Do not hesitate to change to another reputable company if the price and coverage is right.
Install smoke alarms in your home. It will not only help to protect your family in the case of a fire but it will also get you about a ten percent discount on your home insurance policy. Many newer homes already have them installed but if they are not, it is an affordable thing to add to your home.
Keep insurance costs in mind when considering remodeling of your home to save you money. For example, you might install a new bathtub and bathroom sink, the value of which should be included in your coverage. The cost and quality of materials will determine the exact amount to be increased. For example, using wood increases premiums due to its susceptibility to water or fire damage.
Think carefully about the cost of insurance before remodeling your home. For example, you might install a new bathtub and bathroom sink, the value of which should be included in your coverage. The cost and quality of materials will determine the exact amount to be increased. For example, expensive materials like granite and glass tiles will cost more to insure. This is because the insurance company would have to pay a higher dollar amount for these materials, compared with the relatively inexpensive cost of linoleum or formica.
You should be sure that your homeowner’s insurance covers medical payments and litigation fees, in case, someone visiting your home falls or gets hurt. This is important because you never know when an accident may happen and you will want to make sure that you are covered in a scenario like this.
You should raise your deductible if you want to reduce your premiums. Ensure you have the money on hand to cover smaller claims as your insurance will no longer pay for them.
Whether we’re speaking about home invasion, an act of nature or anything in between, there are countless ways out there that your home or the property within can become damaged. By using these tips to ensure you have ample coverage, you will be protected should anything unexpected, wreak havoc on your home.