Tips for Success with your Homeowners Insurance

1. Tips for Success with your Homeowners Insurance

2. Use These Tips to Help you Out When you Go on the Hunt For an Affordable, Quality Insurance Package

3. Tip #1: Purchasing an insurance policy

4. Tip #1: Purchasing an insurance policy • An insurance company that is not doing well financially might not be able to pay your claim in the event that you need to make one. You should do this in a seasonal manner once your policy is in place. • To save money on your homeowner’s insurance policy, make sure that your home contains fire alarms and a fire extinguisher. These inexpensive pieces of equipment can not only save your life, but also may save you up to 10 percent per year on your insurance premium. Before purchasing a homeowner’s insurance policy, investigate your insurance company’s financial stability.

5. Tip #2: Taking home inventory

6. Tip #2: Taking home 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. • Label the photos or videos with the date they were taken. Items are often added or removed, so check your videos once a month to make sure they’re up to date. • When you buy or get rid of an item you can also put a sticky note somewhere prominent to remind you to update the video or photos. After purchasing your homeowner’s insurance policy, go around your home and take photographs of your belongings so you have a visual inventory.

7. TIP #3: Securing replacement value insurance

8. TIP #3: Securing replacement value insurance • This means that no matter the cost your home will be rebuilt if a disaster were to happen. • Most people think this is automatic, however, since home values increased it probably would cost more now than what you had originally paid for the home. This way you are covered. • Understand that a standard homeowner’s insurance policy will not necessarily cover flood and earthquake damage. If your home is at high risk of suffering flood or earthquake damage, you may need to purchase special insurance coverage. A good thing to have is guaranteed replacement value insurance

9. TIP #4: Choosing a lower or higher deductible

10. TIP #4: Choosing a lower or higher deductible If you want to lower your premiums, don’t file any claims on your homeowner’s insurance. If your homeowner’s insurance premium is too high, you can consider a policy with a higher deductible than the one that you currently have. • Lower premiums result from higher deductibles because it limits the number of claims the insurer will be required to pay. The cost of small fixes will fall in your lap, but the savings will often outweigh these costs. • The longer your history is clear for, the lower your premiums will be. A good insurance customer is one that doesn’t cost the company a lot of money, but instead pays into their plan on time.

11. TIP #5: Pools and trampolines

12. TIP #5: Pools and trampolines • Some companies will charge as much as 10 percent more to insure a house with a pool, trampoline or other potentially hazardous equipment on the property. • Defined as attractive nuisances, these features have increased risks associated with them can increase premium, but following recommendations like adding a secure fence and gate can offset the expense somewhat. Before installing a pool or buying a trampoline, be sure to check with your insurance company to see what effect this will have on your premiums.

13. TIP #6: Decreasing the likelihood of a fire

14. TIP #6: Decreasing the likelihood of a fire • Advantages to smoke alarms in your house: • It can help lower the cost of your homeowner’s insurance. • If you have an older house, you could save up to 10 percent a year. • You may also get a further discount by putting in additional alarms throughout your house. You can start by buying fireproof furniture and materials. Install smoke detectors and fire extinguishers.

15. TIP #7: A bonus tip for dog owners

16. TIP #7: A bonus tip for dog owners It’s a strange and backwards world sometimes, but an intruder can actually sue you if your dog attacks him. Yeah, it’s crazy, but that’s why they have these coverage options. If you have home insurance and also have a dog, make sure that you look for policy options that cover people who may be attacked by your dog.

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