Know What Is Covered On Your Homeowner Insurance Policy
When you’re attempting to find a good deal on a home insurance package, checking out quotes isn’t always enough to get the job done. You never know what’s in that fine print. Check out these tips to find out what you can do in order to get the fairest possible deal on the best insurance package.
To make sure that you are paying the lowest amount on your homeowner’s insurance, compare the cost of your insurance policy to another company’s policies at least once a year. You should also review your existing policy and mark any changes that may have occurred which could lower your premium.
When you are looking around for insurance, make sure to specify any security features that are installed in your house. A security service and system for your home that is monitored remotely can effectively reduce your insurance premiums by 5% or more monthly.
When shopping around for homeowner’s insurance rates, be sure to mention any safety-related improvements that you’ve made, especially if it’s an older home. Simply installing a smoke alarm on each floor of your home will not only protect your life in case of a fire, it could save you up to ten percent annually on homeowner’s insurance.
If you suffer damage to your home that requires a claim to your homeowner’s insurance policy, don’t hesitate to take emergency steps to protect your home. Cover any broken windows, dry out wet carpeting, and secure any valuables that survived. If further damage results from your failure to protect your home, it may be considered negligence and not be covered.
Before you buy a home, find out how much insurance runs in the area you are considering. In some locations, homeowners insurance is very high due to a number of factors. For example, if the home is located in a flood zone or an area where hurricanes are to be expected, high insurance rates are also to be expected.
Regardless of whether you’re at high risk or not, flood insurance could be a good idea. Approximately one-fourth of flood claims happen in areas outside of flood zones. You may be able to get lower rates on your flood insurance if your home is in a lower risk area.
To be sure your homeowner’s insurance claim is processed correctly, have a current items inventory. It’s hard to remember what was in a home during a catastrophic event. Photos or video are the best way to get a full inventory.
When filing an insurance claim, get several quotes from area licensed contractors. Always save all documentation for emergency repairs you do, in case you need to make a claim. Additionally, if you must stay in a hotel, keep these receipts and turn them into your insurance company.
Get a home security system before buying home insurance. When you do this, you can cut your premium by about five percent. Make sure that your security system is connected to a police station or central station so that any burglaries or attempted burglaries can be documented for the 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.
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.
Always get the “guaranteed replacement value” stipulation in your policy. This gives you the cost of a full rebuild of your home, regardless of what destroyed it. One of the best benefits of this is that even if inflation occurs in the construction market, the insurance company will be the one to bear the extra costs.
List expensive possessions separately on the policy or as an added endorsement, in order to protect them. Anything of true expense, like jewelry, generally won’t have its full value covered under the policy. If you do not have sufficient coverage to replace valuable items, ask your insurer how to list things individually so that they are covered fully.
Make sure you read through the fine print of your policy regarding roommates. Check to see whose possessions are covered in the event of an emergency. Talk to your insurer to find out what is covered.
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.
Look around for companies that offer health insurance, life insurance, and car insurance as well as homeowner’s insurance. If you have all your insurance needs taken care of by one company, you could enjoy substantial savings. It is also easier to deal with one company when it is time to pay premiums and seek out any information.
Insurance for your home is something that you need to have in today’s world. Your home is simply too large an investment not to adequately protect. By using the tips you’ve read in the above article, you can find a homeowners’ insurance package that doesn’t cost a lot of money yet will still provide quality coverage.
For more information or to receive quotes online visit www.InsuranceBrokersGroup.com or call: 800-459-6060