May 5, 2013

The Following Guidelines Will Help You With Your Home Owner’s Insurance

There are some things about homeowners’ insurance that are fairly easy to comprehend, so much so that you won’t need a tip to tell you how to do it. Other things, though, are a bit more complicated, or maybe you just overlooked them. That’s why you need to read these tips to find out what you may be missing.

Most renters forgo renter’s insurance because they believe they are not at risk. If your rental home is damaged in a fire or flood, the structure itself will be covered by your landlord’s policy. Your clothes, electronics and other possessions, on the other hand, will not. You must have a policy of your own to protect the value of your items against flood, fire or theft.

Insurance Companies

Lower your homeowner’s insurance by searching for insurance companies that offer discounts to customers who have multiple policies. Many insurance companies offer discounts of up to ten percent or more, so be sure to shop around until you find the best deal. This can allow you to save on two or more different policy premiums.

Make sure you have enough smoke detectors installed in your home. Older homes especially may need additional ones in order to get a better homeowners insurance premium. Even some newer homes can benefit financially from adding additional detectors apart from those necessary to meet the requirements.

TIP! You must buy homeowner’s insurance. You could lose everything, in the event of an emergency, without this insurance.

If your home is damaged severely with water, do not dispose of any destroyed property before your insurance adjuster can assess the damage. You can remove destroyed items from the home so that they do not cause further water damage to floors or other items, but leave them on the property. Failure to do so means you may not be compensated for those items.

Higher Deductible

A higher deductible on your homeowner’s insurance can save you money on premiums. While a higher deductible may mean that you will be responsible for small repair costs such as broken windows, more often than not these costs are balanced out by the savings you will receive on your annual premiums.

TIP! Be aware of your insurance coverage and how it affects living expenses away from your home if your home should become uninhabitable. In some instances, a policy covers the expenses associated with living in a different location if your home becomes inhabitable.

Consider raising the deductible on your home insurance policy. A higher deductible on your insurance policy can significantly lower your annual home insurance premiums. Unfortunately, by raising the deductible, your home insurance company will no longer pay for small claims, such as broken window repair, leaky pipe repair and minor wind and flood damage repairs.

Document all of your valuables and keep the pictures or videos of the things that you want covered under your home insurance, in a fireproof lockbox. This will protect your files and make filing a claim for the missing or destroyed items with your home insurance company, easier and quicker.

Make sure your homeowner’s insurance policy is a “guaranteed replacement value” one. This protects the investment you have made in your home, because if your home is destroyed in a natural disaster, it will be reconstructed, regardless of the cost. Building a home increases in cost every year. This type of policy gives you a financial cushion and absorbs the increasing home-building costs, so you don’t have to.

TIP! It can be extremely difficult to replace your valuable items in a claim if you aren’t documenting all of them with pictures. This may seem like a lot of work, but only if your insurance company knows exactly what’s been lost, damaged, stolen, or destroyed, will you be able to demonstrate what the fair replacement value of those items would be.

Your overall premium can be held at a lower number by keeping various policies under the same company. Insurance companies often reduce premiums for customers who have more than one policy with them. You can save on premiums if you combine your homeowner’s policy and auto policy.

Understanding the ins and outs of homeowners’ insurance will help you to save big money when purchasing a policy. The knowledge will also help to ensure that you’re not sacrificing coverage in areas you may desperately need it. Follow the tips you read here and you can stay protected at all times.

We can help you with your Florida home insurance if you need a quote. Just contact us online. If you need home insurance in Florida, we can help.

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