Buying home owner’s insurance is a financial step nearly as big as buying the home itself. The costs are less, but insurance is perpetual. It outlasts even the longest mortgage. Whether you are looking for new home owner’s insurance or want to improve the current deal you have, here are some fresh ideas on the subject.
If you’re 55, ask your insurance carrier to review your policy. A lot of companies will give a senior citizen a discount on home owners. If no such discount is offered, weigh your options and shop around.
Home security can lower your premium. These generally don’t cost that much to put into your home and can make you feel secure when you have to go somewhere.
If you’ve got roommates, check your policy again about what is being covered during a disaster. You may find your belongings are covered, but their belongings are not. Knowing this information in advance can spare you a great deal of expenses and grief in the event of a disaster.
Installing a security system in your home is a great way to lower your home owners insurance premiums. A savings of 5% or more is typical with the installation of a system that includes monitoring by local law enforcement or a central security center. Make sure to submit proof of the monitoring contract to your insurance company to ensure you receive your discount.
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.
There is no way to get insurance coverage for your home without spending money. There are lots of ways, though, to get coverage for less or to get better coverage for the money you spend. This article’s tips are just scratching the surface; learning more about home owner’s insurance can lead to even better deals.