There are some simple tips that one should follow when looking for a new home owner’s insurance policy. Once you are a bit more educated on the lingo that home insurance agents use, you will be in a better position to purchase the type of policy options that you need.
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.
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.
To save money when buying homeowners insurance, consider putting an alarm system in. Most major underwriters will give a discount for a home that has a monitored alarm installed. Many times the discount you get will add up to more than what you pay for the monthly monitoring cost.
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.
You may think you don’t live close enough to a body of water to have to worry about flood insurance…but think again. Before you decide you don’t need it, assess the flood risk for your geographical area. You will be surprised at the unexpected parts of the country which have experienced floods in the past year or two, and if you live in or near on of these areas, flood insurance may be right for you. FEMA.gov is one site that provides information on flood risks for all parts of the U.S.
Save on homeowner’s insurance by installing additional smoke detectors. Smoke detectors are required in most new homes, however voluntarily installing them in older homes or installing additional detectors in a new home can get you further discounts. Not only is this a smart monetary decision, but it is one that could save the lives of you or your loved ones.
When you reach the happy day on which your mortgage is finally paid off, be sure to take advantage of the insurance benefits. The premiums for homeowner’s insurance are significantly lower for a house you own outright than for one you are still paying off. Insurance companies are betting,with good justification, that you will take better care of a home that is all yours.
It is common for home insurance agents to try and sell you more insurance coverage than is necessary. Many of them work on commission, and will directly benefit from the extras that they sell to you. It’s smart to be prepared with knowledge before beginning the conversation with an agent.