If you own your home, there are a number of things you need to do in order to protect yourself from financial difficulties. Because you’re the owner, the responsibility belongs to no one but you. That means you should carry adequate home owners insurance. Without it, you could end up paying for damage to the home out of your own pocket if something happens to it. Following are a few tips for insuring your home.
There really is no secret about how to insure your home. You simply walk into an insurance agency and request a home insurance policy. That may solve your problem, but if you’re not careful you could end up paying far more than you should. A better way to do it is to do a little homework before taking out a policy. Shopping for a good rate is the intelligent thing to do, and you could start by going on the Internet and getting some quotes from online insurance companies. You can use these quotes for comparison when you start calling brick and mortar insurance agencies. If you already carry insurance, you should take your best quote to your agent and ask if they can meet or beat the price. In most cases, your insurance company will do their best to give you a good deal so they can keep your business.
Carry the Right Amount of Insurance
You should review your insurance policy every once in a while to make sure you are carrying the right amount of insurance. Having too much insurance will cost you more than you really need to be paying, but if you’re not carrying enough insurance you could end up with needless out-of-pocket expense.
Higher Deductibles = Lower Premiums
It is a standard practice for insurance companies to offer significantly lower premiums to their customers when they agree to take on higher deductibles. Your home insurance rates will be lower, but you will need to make sure you have enough money on hand to pay the deductible if you need to file a claim–in most cases the deductible will have to be paid before the insurance company will cut a check. A good way to make sure you’ll have the money available is to open a savings account designated for emergency use only. If you add to it regularly, it will continue to collect interest until it’s needed.
Rewards for Long-Time Customers
When you give your present insurer the opportunity to match or beat your best quote you are showing them that you’re satisfied with their service, and they’ll work with you to keep you that way. Whenever possible, an insurance company will reward long-time customers by offering them competitive rates. The longer you stay with one company the better rates you can expect to get, so if one of the quotes you’ve gathered is a bit lower you may be better off to stick with your present company and receive larger savings later on.
Combine Your Policies
A good way to save money on home insurance is to combine it with other types of insurance that you carry. If you’re like most people, you probably have health, life, and auto insurance in addition to your home policy. If you use the same carrier for all these policies, your rates will be reduced, and paying your bills each month will be easier because you’ll only have to write one check.
Update Home Security
You can reduce the number of claims you may have to make if you take certain precautions ahead of time. In order to make sure your home won’t suffer damage from burglary, you should update home security. If you install deadbolt locks on your doors and windows, thieves will more than likely look for easier pickings instead of trying to defeat the locks. Having a security alarm installed will also deter thieves, and lower your insurance rates.
Improving your home will not only save you money in the long run, but will help make sure your property is protected. You can lower your insurance rates by installing storm-proof shutters on your doors and windows in order to help prevent storm damage. Putting on a new roof using storm-resistant shingles will do the same thing. Sealing the basement walls will reduce the chances of water damage, especially if you live in an area that is prone to flooding.