We live in a world of unexpected changes. Natural disasters and accidents could happen at any moment, and thieves could be just a few blocks away in your neighborhood. Know how to protect yourself before its too late. The following article will highlight several helpful hints when it comes to home owner’s insurance.
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.
You can lower the cost of your homeowner’s insurance by doing two things. First, put a security system in. That will cut the premium you pay by about five percent. Keep in mind that the insurer will want proof that your security system is operational, and they may request a bill or a service contract. Next, put up several smoke alarms. You could save up to 10% every year.
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.
The best way to lower your insurance payment is to raise your deductible. A high-deductible policy is a bet against the house, so to speak. You’re preferring the risk of having to shell out for a high deductable over the fact of having to shell out a higher amount of money every month. So, if you are conservative, this may not be the best fit. But if you’re willing to chance having to pay out that high deductible, then this strategy is worth adopting.
To keep your coverage up to date, be sure to review your homeowner’s policy every year. Let your insurer know of changes in your home and property that may help keep your premiums down. For instance, if you have replaced a shake roof with something more fireproof, like composite shingles, you may get a premium reduction.
To avoid an increase in your homeowner’s insurance rate, you should avoid submitting small claims. Some insurers take even small claims into account when figuring if they want to keep you as a policyholder, and you might find yourself uninsured for the big things because you wanted to be be reimbursed for a relatively small amount.
When getting homeowners or renters insurance make sure you tell your insurance agent to add an addendum for flood and water damage. Most policies do not cover water damage unless it is added to the policy. Even if you don’t live in a flood zone, your home can suffer water damage from extreme weather and after a fire.
As stated in the beginning of the article, home owner’s insurance is incredibly important. It is not an investment one should think lightly about, and it is important to get a variety of advice before making a commitment. Use this article to help you make an informed decision about home owner’s insurance.