Insurance in general is a tricky subject. There is a lot to know and a lot to consider. When it comes to your home, you want to make sure that you have all the coverage that you need in the event of a tragedy, accident or even, a force of nature. This article will give you some great advice on making sure you have what you need.
Insurance Companies
Lower your homeowner’s insurance by searching for insurance companies that offer discounts to customers who have multiple policies. Many insurance companies offer discounts of up to ten percent or more, so be sure to shop around until you find the best deal. This can allow you to save on two or more different policy premiums.
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.
Before talking to a claims adjustor, get quotes from contractors in your area. Be sure to have all paper documents and receipts on hand. Track all expenditures; you may qualify for reimbursement.
Stay away from pools and trampolines. While your kids may love to jump on the trampoline or swim in the pool, these little extras are insurance nightmares. Insurance companies will up to double the rates of a homeowner who installs either of these items. Stay away from extras with the potential to harm!
Guaranteed Replacement Value
Consider a policy that offers guaranteed replacement value when shopping for home owners insurance. Guaranteed replacement value means that if your home is destroyed the insurance company will pay the cost to rebuild it, regardless of what that cost is. Considering that the cost of construction often increases over the years, this is especially important if you will be in your home long term. Having such a cushion can offer you true peace of mind.
Do not smoke in your home. Most people know that smoking is terrible for their health. What you might not know is that not smoking can also save you quite a bit of money on your homeowners insurance. Just make sure that you inform your provider that your household is non-smoking.
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 make a claim, the insurance company will require proof of the item. Having an efficient process will save you a lot of time and money. Place this list in a safe place.
Before you buy a home you should check to see how much the insurance will cost for it. Different factors determine how much you will be paying for homeowner’s insurance such as what the home is made of, the size of it and the age of different systems within the home like the electrical system.
Save some money on your home owner’s insurance by purchasing other forms of insurance through the same company. When you do this, the insurance company usually gives you a multiple policy discount that can be worth up to 5% or more off your total cost. Check your company’s website, or make a phone call, to see what options are available to you.
When signing up for home insurance, shop around. Insurance costs up to one-fifth of your income, so you shouldn’t take it lightly. Don’t go with the first company you contact – they’ll still have the same offer on the table if you go back to them tomorrow or the day after.
You can save on your home owner’s insurance if your insurance company is willing to bundle with your other insurance policies. This is advantageous to the company as well; they are better able to manage your situation with all policies together.
Annual payments reduce premiums. Insurers prefer not to bill their customers every month or pursue collections activities. By paying up front, you’re ensuring your entire premium will be paid and you could save between 3-5 percent!
Make your annual homeowners insurance payments in one payment rather than on a monthly installment plan. Many insurance companies charge an administrative fee for monthly billing and payment. By paying the entire year’s premium at once, you save yourself this additional expense. Some companies even offer additional discounts if you pay all premium at once.
Insured Properties
Make any recommended or required repairs to your home as requested by your insurance company. Many homeowners insurance carriers perform initial inspections on newly insured properties or regular inspections on all insured properties. If your carrier inspects your property and suggests or requires specific repairs, making those repairs quickly ensures your policy remains in force and prevents potential premium increases.
Don’t forget your power tools when creating your home owner’s inventory! Items in your garage or shed tend to be expensive, including your lawn implements or snow blowers. Photograph them and keep track of how much you paid for them and when you bought them so when you have to file a claim you’ll have the information handy.
It’s a lot to consider. Hopefully, this article has given you some great advice and answered some questions for you on how to make sure that you have got the best home owner’s insurance policy that you can get. It’s a better night’s sleep, knowing that you and your family will have what they need.
