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.
You can lower your premiums through two ways. First, put a security system in. That will cut the premium you pay by about five percent. 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. A second round of renovations that will help would include the installation of smoke alarms. Smoke alarms can reduce insurance premiums by 10 percent.
Check the status of your homeowner’s insurance premiums at least once a year, to see if you may qualify for a lower rate. Your current rate may be based on an old crime statistic, for example, or you may have installed a security system that could lower your rates. Discuss these changes with your insurance agent.
To save money when buying homeowners insurance, consider putting an alarm system in. Most major underwriters will give a discount for a home that has a monitored alarm installed. Many times the discount you get will add up to more than what you pay for the monthly monitoring cost.
An alarm system can help reduce your premium. This decreases the chances of someone breaking into your home. Your home owners insurance may think you are not an at-risk home and decrease your insurance. Send proof that the house is secure to the insurers.
You should always review your homeowner’s insurance policy annually to make sure that you still have the right policy for your home. Compare your premiums with quotes from other insurance policies. Be sure to take note of any changes that could affect your premiums, both on your property and in the neighborhood.
Flood Insurance
Make sure you are always thinking about safety so that you can lower your homeowner’s insurance cost. Common add-ons that can earn discounts on premiums include smoke and carbon monoxide detectors, security systems and fire extinguishers. Not only will these things save you money, but they can just as easily save your life and that is something you cannot put a price on.
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.
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.
Alterations in your neighborhood may reduce your home owner’s insurance premiums. If new hydrants have been installed or emergency services have been moved closer to your residence, it can end up saving you money. Check out new developments in your area often, and report any changes.
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.
If you were thinking about relocating to another area, this auto insurance tip might just be the icing on the cake. If you are located in an area with a lower crime rate, you will receive favorable coverage and will ultimately pay far less per month than people who live in high-crime areas.
If you own something of value, make sure you make a note of them in the policy or put them on through an endorsement. On your policy, standard possessions are included, but there may be a policy limit on high-value items like electronics and jewelry. Should the policy fail to cover the entire value, there will be instructions for receiving the most assistance possible. These instructions are listed in the policy contract and should be understood ahead of time.
Home owner’s insurance can help to protect your home from a variety of issues. If there is damage that is done to your home, it can be covered and paid for using your insurance. This can include damage and lost property from theft or even some specified disasters. Every home owner should have a policy.
Security System
If you don’t smoke, call your insurer and see if that reduces your premium. This will prevent you from permitting anyone to smoke in your home. Most insurance companies offer this discount, but always inquire before assuming. Your insurance premium will go down 5-15 percent after this discount is applied.
If you wish to buy homeowner’s insurance, install a security system. This can lower you premiums by as much as 5 percent. Be sure that the security system in your home is connected to your local law enforcement agency so that your insurer can document any attempted break-ins.
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.
If you have valuables, ensure they are covered in your policy. Though most homeowner’s policies do cover some personal items and the home’s structure, they do not always cover more expensive items like paintings and jewelry. If you have personal belongings that exceed coverage limits, it is necessary to buy additional coverage to protect against theft or damage.
Insurance Policy
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!
If you have multiple insurance policies, ask about bundling them to save money. Insurance providers will offer interesting discounts on bundles to encourage you to purchase more policies from them, for instance to insure your home and your vehicle.