We purchase homes, in order to raise our families and keep them safe. If you own a home without having a home owner’s insurance policy, your family has no protection at all. If there’s any type of disaster, you will be out on the streets with no hope of getting back into your home. So make sure that you use these tips to get a great insurance package at a fair price.
Lower your homeowner’s insurance annual premiums by as much as five percent by maintaining a security system that is directly tied to your neighborhood police station. All that is required to qualify for this discount is to verify that you have central monitoring, which can be through a bill or insurance company contract.
If you want to insure your home against flooding, you’ll need a flood insurance policy. Flooding is not covered by most regular homeowner’s insurance policies. Protection against flooding covers damage from things like too much rain, creeks rising, landslides and more. If you think you need this additional coverage, speak to your agent, who will explain options and costs for your area.
Value Items
If you have high-value items, they may not be covered completely by typical homeowner’s insurance. For example, expensive jewelry may need to be appraised, and then the insurer will issue a rider to cover the item in case it’s stolen or damaged. Make sure to mention high-value items to your agent, to make the process of filing a claim easier, should you need to do so.
Don not, under any circumstances, allow your hazard insurance on your home to lapse. Most mortgage companies have a clause in the agreement you signed that in the event you don’t pay it, they will find a new policy for it, sparing no expense, and charge you for the premium. It will usually be at least double what you were paying before. You are better off doing whatever you need to in order to keep your policy current.
Check with local agencies for renter’s coverage. Online and out of state companies generally have a one size fits all type policy structure. A local agent will be more familiar with the risks in your area and will be available to send someone out quickly to start working on your claim after a disaster.
Review your homeowner’s insurance policy every year to make sure it still accurately reflects your situation. Keep track of additions or changes to your house that might call for discounts or premium reductions. Do not neglect your neighborhood, either. The installation of new services nearby (e.g. a new fire hydrant close to your house), may also call for lower insurance payments.
In order to save on homeowner’s insurance, ensure you are paying off your mortgage. A person who owns their home without a mortgage is viewed by insurance companies as being more likely to properly care for their home. Due to this, many companies offer annual premiums that are lower to them. Make sure that you communicate paying off your mortgage to the insurance company.
If you are thinking of buying a home insurance policy, make sure you first do some research on how well the insurance company is doing financially. You want to feel comfortable that they are reliable and will still be in business when you need to file a claim. Make sure you do this every quarter.
Expensive possessions should be your top priority when deciding on a coverage plan. Basic possessions in homeowners policy are included but items of high value such as jewelry, electronics or fur may have an insufficient policy limit to the value of the item. Speak with an agent for advice on how to list high price tag items so that you are will be fully reimbursed in the event of loss.
Always remember to make policy reviews and comparisons to your homeowner’s insurance policy yearly. You can compare your policy costs with others to find the best deal, and you should always keep track of changes that have taken place that may lower your premiums. Changes such as installing a burglar alarm or even just taking down a trampoline could lower your premiums a bit.
Talk to your insurance agent or company and find out ways you can protect your home from natural disasters or preventable claims. Retrofitting a home with items like storm shutters or roof reinforcement makes your home more likely to withstand storms and also may affect your home owner insurance premium.
Consider your insurance premiums when you add improvements to your existing home. In most cases wood structures are more expensive to insure as they are extremely flammable. Consider additions using concrete, brick or steel frames as their insurance premium is significantly lower. Other potentially dangerous improvements, such as swimming pools can increase your premiums significantly.
Remember, home damage caused as a result of earthquakes or flooding is typically not covered by homeowner’s insurance. If you think your area is prone to floods or earthquakes, you may want to find a policy that will cover them.
Having a working burglar alarm that is monitored at a central station or can contact the police right away will help lower the cost of homeowner’s insurance. It could lower the price by as much as 5%. You would need to prove that you have the alarm hooked up at your home by providing the bill to your insurance company.
If your home owner’s insurance company denies your claim, do not assume that the answer is final. Many claimants never follow up on or appeal denied claims, but half of those who fight the decision end up with good results. One in ten claims are denied unjustly, so it is always worth pursuing a claim query.
It’s all about our family when it come to purchasing homeowner’s insurance. It’s easier to pick up and move on when you’re alone, but when you have people relying on you, they need a roof over their heads to provide shelter and safety. Use the tips you just read to purchase an affordable, high-quality insurance package for your home.
