If you need insurance or just want to update a policy, you must be sure that you’re getting the best deal possible. Home insurance protects your home from events like theft, accidents and damage from natural disasters. These tips will help you understand what this insurance is useful for.
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.
Insurance Company
Lower homeowner insurance premiums with a security system. Be sure to choose a system that is monitored from a central location. This gives proof that your home carries a lower risk and allows the insurance company to give you a discount, sometimes of 5 percent or more. Be sure to keep all security system paperwork, as you may be required to provide copies to your insurance company.
Many things can cause damage to your house. One of those things is fire. You have to buy a policy that protects your home from arson, fires caused by wilfires and human error, as well as cars, earthquakes and storms. While homeowner’s insurance policies usually have fire insurance, you should verify the amounts and types of fire insurance coverage you have in your homeowner’s policy.
Anyone who lives in earthquake zones should consider getting earthquake coverage. Often, regular policies do not extend to earthquakes. Therefore, you may be out a lot of money if one strikes in your area.
Before you even purchase a home, make sure to ask your real estate agent questions about homeowner’s insurance cost. The price of homeowner’s insurance varies, usually depending on location. You do not want to live in an area that is going to leave you broke paying for homeowner’s insurance.
Liability Coverage
Increase liability coverage to avoid problems with damage or personal injury claims. This coverage pays for damage or injury to others that occurs on your property. For instance, if your child accidentally causes your neighbor’s home damage, your liability coverage may cover that claim.
Know your coverage limitations if you own equipment that insurers consider high-risk, such as swimming pools or backyard trampolines. Your insurer may not pay liability claims for accidents involving such equipment or you may be required to purchase extra insurance to cover any injuries or damages that occur because of them.
Take care of little issues within your home before they turn into major issues. Your homeowner’s insurance premium is based on the claims you file. If you don’t file any claims because you have prevented problems before they happen, then you won’t have to deal with your premium raising because of claims.
Consider buying car insurance through the same company your homeowner’s insurance is through. Most of the time insurance companies, will give you a discount for having more than one policy through them. This can save you 20% or more on both insurance policies and make it easier to make one payment instead of two.
Claim Free
Some insurance companies offer a discount for being claim free for a certain amount of time. Usually this time ranges anywhere from 3-5 years and can offer a discount up to 15% for being claim free. Consider this before filing a claim too. If it’s not that much of a claim, then don’t file it.
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.
Try looking for multiple policy discounts in your home owner’s insurance policy. There are many insurance companies that offer a 10% or more discount to customers that have other insurance policies under one roof. Think about getting a quote for other insurance types from the same company that you received your homeowners’ policy. You could save on two annual premiums.
Do not purchase more home insurance than you need. You are only able to claim the actual value of your home and the contents in it, so do not buy too much insurance. A thorough analysis of your home and contained items is needed to get an accurate amount of coverage needed.
Make multiple copies of the photo or video inventory you create for home insurance claims. The best thing to do is take digital files and put them onto multiple CD’s along with a spreadsheet of all the items on the videos, their serial numbers, cost at purchase, and the date you bought them. Leave a copy at a family member’s house for safe keeping.
Document your personal property to protect against loss. Take some pictures or get professional appraisals so that you have complete documentation if you need to file a claim. This is a way to make the entire claims process flow more easily.
Humidity Levels
In order to avoid creating an environment that encourages mold growth, you should monitor the humidity levels in your home. Mold is rarely covered amongst popular insurance policies, so you should take precautions for eliminating its possibility. The cost of mold remediation is very high. Keep down humidity levels and prevent the growth of mold.
Don’t under-insure the items in your household to save a few bucks on your insurance premium. This seems like a good idea when you take out your policy, because no one really thinks a disaster is going to happen to them. The problem is, if and when a disaster does hit, it’s tough enough already without having to come to terms with the fact that your insurance money is not enough to at least replace some of the material items you’ve lost.
Anyone that owns a home must have homeowner’s insurance. Now that you’ve read our tips, you have information you can use to find a great homeowner’s insurance policy. This type of insurance is not wasteful. Instead, it is protection you need to keep your loved ones and their home safe.
