Price-comparison is the best way to save money on anything, especially when it comes to insuring your home. But comparisons are not enough. Sometimes, you need more information to help you find the right policy. Read on for some excellent ideas to help you get started.
To make sure that you are paying the lowest amount on your homeowner’s insurance, compare the cost of your insurance policy to another company’s policies at least once a year. You should also review your existing policy and mark any changes that may have occurred which could lower your premium.
If you have expensive landscaping around your home, consider purchasing separate insurance for it. Most basic homeowners insurance policies will not cover damage from wind or other environmental factors to landscaping. This means that if your expensive imported trees come down in the wind, your homeowners insurance policy will generally not cover it.
Paying off your mortgage may not be easy, but doing so can make your homeowner’s insurance premiums drop significantly. Insurance companies assume that people who own their houses outright are more likely to take good care of them, and so they will file fewer claims that the insurance company will have to pay.
As changes in your household size happens, talk with your insurance agent to alter your policy accordingly. You should see if coverage on your high-value items have a coverage limit. Do not hesitate to purchase an individual rider if you want to insure items that are not covered by your policy.
If you want your property to be fully insured against loss or damage, you need to periodically reevaluate the worth of your home and adjust your coverage accordingly. If you have made major improvements, additions, or repairs that would affect the worth of the home or which would cost significant amounts of money to replace, and they are not reflected in your property insurance coverage, you will not be able to get what you’ve put into your home in the event you need to file a claim.
Install a security system to help lower your homeowner’s insurance premium by 5%. Your security system must be watched over by a central station or tied directly to your local police station, in order to get this discount. Your insurance agent will want to see proof that your security system is being monitored.
If you want to be sure your home and belongings are covered in the event of a flood, the time to buy flood insurance is not the moment it begins to rain. Most flood insurance plans will not cover flood damage incurred within the first 30 days of purchase, so you need to make that call today, rather than putting it off.
Earthquake insurance is a must for those in high-risk areas. When you don’t have insurance, you’ll pay to fix your home out of pocket at your homeowner’s insurance won’t cover the damage.
As this article has shown, there are several ways you can save money on homeowner’s insurance. Never sit around and let your insurance policy expire. Be sure you always have full coverage. Use these tips and find a great policy.