Before you discuss your homeowner’s insurance needs with an agent, figure out what you own and what it’s worth. Make an inventory of all things that must be replaced after a disaster.
Insurance for your home isn’t the same as a home warranty, like the type you would attain from companies such as Home Warranty Of America (read more), HMS Warranty (click here), and Old Republic. Normally warranties for your home are used for repair work, whereas insurance for your home is to protect the overall property.
There are two ways to save money on homeowners insurance. Take the first step and install a good security system. This will potentially reduce your annual premium by 5%. Remember to notify and offer proof of the new system to your insurance provider. The second thing is to put smoke detectors around your home. You can save up to 10 percent annually.
You need to find out what is covered by your homeowners policy if you have to get temporary lodging during a crisis. Sometimes policies cover expenses related to temporary living arrangements in the event of significant damage to your home. However, you should save all receipts and keep careful records if you want to be properly reimbursed.
All of your personal belongings may be difficult to replace or evaluate without proper receipts, photos, or professional quotes. Keep all of these things in a singular location and provide the agency with a second copy. You won’t be able to get the full value of your items if your insurance adjusters can’t tell exactly what you lost.
Flood insurance should not be overlooked when you purchase a house. You may have noticed that flood insurance is an extra to a traditional home policy, but not all home owners are aware of this. When a flood destroys your home, you’ll be glad you have the policy in place.
While you are preparing your claim, make sure you have a good idea of the average price of repairs from several contractors. Keep receipts over time to save you from taking a loss when an accident strikes. Even the cost of your temporary lodgings will be covered.
Be sure to let you insurance agent know if you are approaching your 55th birthday. This may save you some money on your existing policy or make you eligible for a better policy. Many insurance companies offer a senior citizen discount. If your current company does not offer a discount, shop around.
An alarm system is a fantastic way to lower your premiums for homeowner’s insurance. These systems are usually not expensive to install and will provide you with a feeling of safety while you are away from home.
The cost of installing a security system is worth every penny. Not only will you be buying peace of mind, but you’ll also be able to get a discount on your home insurance. You become a lower risk if you protect your home, thus significantly lowering your premiums. You could save enough on your premiums to eventually off-set the price of your security system.
You will be provided with many options for insurance from your agent. Providing an inventory of your possessions is a good way to help your agent prepare accurate policy options. Offering such a list in advance is also a good way to demonstrate what you actually own, in case you must file a claim later.