The Common Sense Guide To Home Owner’s Insurance
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.
If possible, pay your home insurance premiums annually. When you spread your payments over monthly or quarterly installments, insurance providers will normally charge you an admin fee and interest. By paying your home insurance in a one-off payment at the start of the year, you can avoid these extra expenses.
To save money on your homeowners insurance talk to your agent and see if the company provides discounts for installing additional smoke detectors. Many older homes lack them in areas that are considered standard places to install today and many insurance companies will provide a discount as an incentive for you to add more.
Pick an insurance company you are comfortable with. You need to be able to trust your insurance company. Before purchasing your policy do research on the company you choose and look at the company’s complaints and at the customer satisfaction rating. Doing business with an insurance company you trust is important.
For things like homeowner’s insurance, there are things that you can do to help lower the cost of your coverage. A home alarm that is monitored by a central location can help drop your premium by as much as 5%. You need to have proof of the alarm to show your insurance company, so bring your contract or bill of sale to your appointment with your insurance agency.
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.
When building an addition to your home, consider insurance factors during the design process. Depending on the insurance carrier and region of the country, using durable construction materials like concrete can reduce insurance premiums for the new addition. These materials are less likely to be damaged by time or natural disasters, which means your insurance carrier may charge less to insure the new addition.
Make sure you have enough coverage on your homeowner’s insurance to replace the cost of your home should it be destroyed. This figure should cover the cost of replacing the building and will usually be less than the purchase price of your home (which includes the cost of the land your home is built on).
Should disaster strike, having enough coverage will give you incredible peace of mind. It’s important to take the time to assure your homeowner’s insurance policy is a comprehensive policy and that you are completely protected.
Remember to review your insurance policy from time to time and keep it updated.
Following these guidelines will help you protect one of your most valuable assets!