Before you discuss your homeowner’s insurance needs with an agent, figure out what you own and what it’s worth. Take note of what you have to replace if there is a disaster and keep that information somewhere safe.
Paying your mortgage off is one good way to decrease the premium on your home’s insurance. This isn’t something many people can do, but insurance companies will generally provide more reasonable rates if the house is yours. Someone who owns their home outright is golden in the eyes of an insurer.
Know your homeowner’s insurance policies about additional off-site living expenses. Some policies cover the expense of staying somewhere else if something happens to your home. Make sure you are able to back up your claim with receipts to prove your outlays.
Keep a detailed inventory of all valuable items within your home. Anyone that has experienced loss can tell you that it’s difficult to remember all that you had at that time. Take pictures of everything, especially open closets and everything that’s in there.
The best way to document your valuables is with photographs. If you have to make a claim, the photo will prove that you actually had the item in question and are not attempting fraud. It may take a bit of effort on your part, but keeping a close inventory will make it quick and easy for your insurance company to process any claim you file.
An alarm system is a great way to lower insurance costs. You will have a lower risk of break-ins. Your insurance company will stop considering your house as a risky thing to insure and decrease the price of your insurance. Remember to send your company proof of your new security.
When doing an insurance claim, solicit price quotes from trusted area contractors before getting your claims adjusted. Ensure that every piece of documentation has been completed so that you can prevent extra losses. Your policy will probably even cover your lodging expenses, so track those.
Your home can be damaged by numerous things. Fire is a catastrophic element that can destroy your home. You need to purchase a fire insurance policy which protects your investment from fire caused by arson, human error, wild-fires, storms, cars and earthquakes. Go over your policy so you can ask specific questions to your insurance agent if you are not sure what your insurance covers.
You can never have too many smoke alarms within your house. Insurance companies offer better premiums for safer homes. Adding more carbon monoxide and smoke detectors can convince your home owner’s insurance that your house is not as risky.
Your policy will have lower premiums with a security system. Insurance companies reward customers who work to protect their valuables. Let the insurance company know that you’ve installed these and it can lower your rates immediately.
There are many options when it comes to home insurance. Make sure you have a comprehensive list of your valuables and their worth so that you get the right type of insurance for your home. Understanding homeowner’s insurance is the key to finding peace of mind and the knowledge that your family, your home and your possessions are protected.