Whether you’re familiar with how insurance works or if this is your first time looking for home insurance, you need to realize that proper information is the key to finding a great deal on a solid package. Check out the tips contained within this article if you want to know how to find the best of both worlds.
Have your financial house in order before you try and enter into a real estate transaction. Check your credit report and credit score from the three major credit bureaus. If there are any inaccuracies, you will want to have those fixed. Unexpected hiccups in your financing can derail a purchase you are about to make.
Make sure that you regularly make an updated list of the contents within your home in case you ever need to make a full replacement claim. This will make it much easier to collect on your homeowner’s insurance in the event that catastrophe strikes. Keep pictures of the items you have in your home, including what is in your closet.
When buying a homeowner’s insurance policy, what is excluded from coverage is sometimes more critical that what the policy does cover. Flood coverage, for example, is not typically covered in most homeowner’s policies, but can be purchased as a separate policy. The same is true for other natural disasters such as earthquakes.
To protect your personal property in a rented residence, you need renter’s insurance. The landlord or property owner will have insurance to cover losses on the building, but not on the items inside your unit. This is your responsibility. Fortunately, renter’s insurance is quite affordable, and available from most insurance companies and independent agents.
Smoke alarms can help you save on your homeowners insurance premiums. With installed smoke alarms, you can save around 10% or more on your annual homeowners insurance premiums. It is possible that if you add more smoke detectors, your insurance agent will further discount your policy. Don’t forget to tell your agent about your smoke alarms.
Before a flood strikes, you need to know what to do to be sure that your home is insured against floods. The only way to insure against the risk of floods in the US is via the National Flood Insurance Program (NFID), administered by FEMA. Insurance companies work with FEMA to sell coverage to homeowners. Therefore, always have a plan in place to cover flood protection, and know whom to contact at your insurance company in order to arrange for it.
Add extra smoke alarms to your home to reduce your insurance premiums. Adding smoke alarms can reduce your yearly premiums by as much as 10 percent. Depending on your insurance company, you may even qualify for additional discounts for adding more smoke alarms than the minimum required to receive the discount. You not only save money, but you protect the lives of everyone in your family.
Increase your home owner’s insurance deductible. There are quite a few pros and cons to increasing the deductible amount on your insurance. However, if you are having trouble paying your home owner’s insurance, you might want to seriously consider it. It can end up saving you anywhere from 10% to 37% off your premium.
Make sure that every exterior door on your home has dead bolt locks. Depending on your insurance provider, this might lower your home owner’s insurance premiums slightly. They also make a great deterrent against would be thieves or other intruders. They are inexpensive to install and a great way to keep your home safe.
It is possible to get some really solid coverage options for an affordable price. You just have to know where and how to look. The tips you just read here have illuminated some of your options, so be sure that you’re using them to your advantage when you’re shopping around for home insurance.