There are many, many reasons that you need to be protected by insurance as a homeowner. Even if someone is trespassing on your property and gets attacked by your dog, you could be on the hook for the hospital bills. It’s crazy, yes, but that’s how the system works. Use these insurance tips to make sure you’re always protected.
Save money on your homeowner’s insurance by not purchasing items that are potentially injurious. Building a swimming pool or buying a trampoline can raise your annual premium by as much as ten percent or even more. Instead, visit the neighborhood pool or playground and get the same enjoyment for a lower price.
If you are building an addition to your home or considering a major renovation, check what effect this will have on your homeowner’s insurance rates. Wood-framed structures are considered to be a fire risk, for example, and will raise your insurance rates. Using cement, steel, or other fireproof materials will mean your addition costs less to insure.
After purchasing your homeowner’s insurance policy, go around your home and take photographs of your belongings so you have a visual inventory. Store these photos in a fireproof safe or at a relative’s house. These photographs will help the insurance company document your claims, and help you get your money faster.
Before speaking with a claims adjuster about your homeowner’s insurance claims, get some repair estimates from trusted local businesses. This will give you some ammo against the insurance company when they tell you how much something will cost to repair or replace. Also, emergency repairs that you make to keep the damage from getting worse will be covered, as long as you keep receipts.
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.
To save money on your homeowners insurance talk to your agent and see if the company provides discounts for installing additional smoke detectors. Many older homes lack them in areas that are considered standard places to install today and many insurance companies will provide a discount as an incentive for you to add more.
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.
Just about anything can happen and leave you on the hook for some big bucks. Unless you’re protected, you could end up losing your house for multiple reasons. Follow these tips and use them to work up a solid insurance policy that’s affordable and that provides ample protection for your home.