Just when you think things are going well and that nothing bad could possibly happen to your home, something unexpected could cause some major damage. This is exactly why every homeowner out there needs to be properly insured and the tips in this article will help you find a great homeowners’ policy.
I can’t stress this enough, know your coverage limitations if you own equipment that insurers consider high-risk, such as swimming pools or backyard trampolines. Your insurer may not pay liability claims for accidents involving such equipment or you may be required to purchase extra insurance to cover any injuries or damages that occur because of them.
Did you know that some insurance companies offer a discount for being claim free for a certain amount of time? Usually this time ranges anywhere from 3-5 years and the discount can be up to 15% – for being claim free. If the damage is not very expensive then don’t file a claim.
In terms of construction one thing that a home owner should be aware of with regard to their policy is the insurance costs connected with the building of a pool. Things like trampolines and pools can raise your annual outlay by about 10% or more because they can be considered injurious. Though it may appear as a small price to pay, it’s still something that you should consider prior to buying or constructing.
With regard to apartments, finding an apartment that has a good security system is going to save you a good bit of money on your renter’s insurance premiums. It must be the type of system that is directly linked to a monitoring center that is directly linked to fire and police departments. This will keep you safer and save you money at the same time.
Make sure you don’t have too much coverage if you are trying to save money. Remember most valuable items can depreciate over time and you should look over your policy once a year to make sure you don’t have too much insurance. Reevaluating this can save you money on your policy.
Make sure you have homeowner’s insurance that includes a guaranteed replacement value policy. Doing so means that the insurance company will have to cover the whole cost of rebuilding your home in case of disaster. Since these costs tend to rise as time goes by, this policy will guarantee that you can afford to replace your home, this is a great asset and something I strongly recommend.
Remember, your home owner’s insurance will cover medical costs of injuries sustained on your property but not caused by you, your family, or your pet. The coverage is typically limited to no more than $1,000, so it really doesn’t do much to help as most medical bills will far exceed that for an injury worth claiming on insurance.
Keep in mind, and due to the latest storms and power outages in the North East, you can be covered by home owner’s insurance for the cost of food spoilage in certain situations. If a power line near by is cut and causes loss of power to your home, you may be covered for the loss food. Some home owner’s insurance also will cover you in the case of storm-related power outages. You need to call your insurance agent for clarification.
Before you purchase a home, it’s best to know what materials were used in its construction. Depending on what it is made of it can cost more to insure it. For instance, a home constructed mainly from wood is more costly and expensive to insure than a home constructed from brick or concrete.
Another way to decrease your insurance rates is to upgrade your home appliances, heating and electrical systems. When these systems are newer, the cost to replace them, in the case of a claim, is less expensive than with older appliances and systems. Don’t forget to call your home owner’s insurance company if you recently upgraded. It could mean money in your pocket.
When life decides to rear the ugly side of its head, you could very well end up losing everything you own. Lets hope not, but make sure you never leave anything to chance. Take the tips you just read to heart and go out and purchase a low-priced, high-quality insurance package for your home.