When you buy a home, you take on the added responsibility of finding a home owner’s insurance policy. If this is the first homeowner’s insurance you’ve ever had to buy, all the more reason to acquire as much information as you can on the topic. As you compare insurers, policies and packages, remember these simple tips.
If you need to live away from home because your house is not longer habitable, make sure you are aware in advance of what costs are covered by insurance. In some instances, a policy covers the expenses associated with living in a different location if your home becomes inhabitable. Make sure you are able to back up your claim with receipts to prove your outlays.
A current copy of your personal inventory must be obtained to be sure that any claims are processed properly. It will be difficult to recall your home’s contents after a disaster has occurred. Keep pictures of the items you have in your home, including what is in your closet.
Some of your home’s characteristics can alter your insurance costs (for better or for worse). Having a swimming pool on your property will raise your homeowner’s rates because it’s a risk. You will also see a difference in price depending on how close your home is to emergency services. Different things will determine the price you pay for insurance, and this is certainly not the only consideration when choosing which home to buy.
A lot of things can destroy your house. Fire is among them. Make sure you have insurance that covers fire, storms, earthquakes, floods and cars. Review your insurance policy and talk with your agent to ensure you are getting the protection you need.
You can reduce insurance amounts by having a home security system. In addition to feeling more secure, you will be saving money. Your premiums are lower for homeowner’s insurance when you have a security system because insurance companies prefer that your home has features that protect it from loss. In time, the amount you have saved in your premiums will pay for some, or perhaps all of your system.
Consider paying off your mortgage before seeking out homeowner’s insurance. Your insurance company will offer substantial savings. This is because most insurance companies believe that customers who actually outright own their homes will probably care for it better; therefore, problems are minimized.
Paying off your mortgage can save you a lot of money on homeowner’s insurance. In the eyes of an insurance company, someone who does not owe anything on his or her home is apt to maintain and make improvements to the property. As a result, your premiums will be lower once you are done making payments on your home. After you have paid your mortgage completely, call your insurance company.
Add an alarm system that is monitored 24/7 by a security company. Doing this will give you at least a 5% discount from your insurance company, not to mention the added security you will have. To get this discount, you have to show some proof that your alarm is centrally monitored.
A home is the largest, most important purchase you’ll make in your lifetime. With so much at stake, it would be unthinkable to let your investment go unprotected. Buying homeowner’s insurance is the best possible way to protect it; however, you want to possess knowledge on this matter to ensure that everything is covered. Remember all these tips whenever you search for your homeowner’s policy.
Author: Eddy PriceThis author has published 731 articles so far. More info about the author is coming soon.