Users may want to keep in mind – Things Every Home Owner Should Know About Home Owner’s Insurance
When moving, check your home owner’s policy to find out what the policy covers as it pertains to your move. Does it cover your belongings while they are in transit to your new home? You may need to buy additional insurance through your moving company or shipper. Don’t forget to update your home owner’s and auto insurance addresses. Your new address and home features might actually decrease your rates.
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. Make sure to frequently review your home insurance policy with your insurance company or agent. Try to speak to them every two years to decide, if it would cost more to rebuild your house at this point in time. Also, be sure to advise them when you’ve added improvements or made any changes to your house or property.
If you live in a gated community or an area that has a homeowners association, the external elements of your home may actually be covered by the association’s policy. Give them a call to find out if this is the case as you will be able to reduce your own insurance accordingly.
Speak with your home owner’s insurance and see if they have any suggestions. They may also provide discounts if you make certain modifications or improvements, since they believe that it makes your house less of a risk. These improvements may end up paying for themselves over time with the money, they’ll save you.
If you look only at cost when seeking homeowner’s insurance, the company you choose may well be one where you deal only with a distant call center. But if a tree falls on your home, you want someone with an office nearby, someone who will actually come out and look at the damage. 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. Speak with your home owner’s insurance and see if they have any suggestions. They may also provide discounts if you make certain modifications or improvements, since they believe that it makes your house less of a risk. These improvements may end up paying for themselves over time with the money, they’ll save you.
Keep your homeowners insurance policy up to date. If it’s been a few years since you purchased your policy, you might be under insured. If you’ve made improvements to your home, your policy might not reflect the increased value. Building costs have gone up too, so review your policy yearly, and if needed, make changes to be adequately covered.
Crunch your budget and try to pay off your home mortgage as early as possible, in order to enjoy lower insurance premiums. When you own your home outright, insurance companies take the perspective that you will take better care of it now that you don’t owe on it. As a result, you can expect to see your premiums decrease.
If your home is damaged in a fire or other disaster, you’ll need a place to stay until it is repaired. Find out if your homeowner’s insurance covers hotel stays or other lodging. Read your policy carefully to determine if you’re covered, and find how much you’d have to spend to get this coverage if you aren’t.
You should be sure that your are getting all the available discounts on your home owner’s insurance. If you have a monitored alarm system, you may be able to decrease your premiums by up to ten percent. Many companies also give discounts to seniors or for multi-policy holders. Ask your agent to review any discounts you may have missed. When considering insurance for your home, be sure to have plenty of fire alarms installed. This will not only help with your own safety, but also will qualify you for possible discounts from your insurance provider. Especially in old homes, it is essential to have at least one detector per level. Be sure to be proactive in telling your provider about your smoke alarms.
If you already have an insurance company you trust consider using them for your home owner’s insurance. Often times insurance companies are happy to give their clients considerable discounts when that have more than one policy with them. With that said, however, do search around. You may find a better deal elsewhere. Paying off your mortgage can have a significant effect on your yearly home owner’s premium. It is not easy to do in most cases, but if you can afford it you can save a lot of money because insurance companies think you will take much better care of your home when you fully own it.
Older homes tropically do not have as many smoke detectors as are required in new home buildings. By purchasing smoke detectors for each bedroom and one for a common area, and presenting proof of installation to your insurance company, you may be able to get a sizable discount. While you’re at it, install a carbon monoxide detector.