Do You Need Home Owner’s Insurance? Useful Tips And Guidelines
If you need to purchase a home owner’s insurance policy, there is an abundance of information available. Not all of it is clear, or even helpful. We present to you a list of shrewd tips that will make it a bit easier for you.
To keep your coverage up to date, be sure to review your homeowner’s policy every year. Let your insurer know of changes in your home and property that may help keep your premiums down. For instance, if you have replaced a shake roof with something more fireproof, like composite shingles, you may get a premium reduction.
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.
You may be liable for any injuries people get while on your property, regardless of whether they were authorized to be there or not. It’s ridiculous but true. Remember to get homeowners insurance in a timely manner.
Earthquake insurance is a must for those in high-risk areas. The main reason for this is because you will be able to get your things fixed if you experience any kind of damage to your home if an earthquake were to occur.
Keep costs of insurance in mind when you think about remodeling your house to save money. This can cause your insurance to raise, and you should make sure you know how much it will cost. Wood is costly to insure because it is more likely to catch on fire or experience water damage.
To keep your homeowners insurance reasonable, invest in a security system. Many insurance carriers provide discounts for homes protected by an alarm system and the discount can be significant. Percentages may vary based on whether the system is connected to a central reporting station or police monitoring stations, so be sure to research all of your options.
Consider your insurance premiums when you add improvements to your existing home. In most cases wood structures are more expensive to insure as they are extremely flammable. Consider additions using concrete, brick or steel frames as their insurance premium is significantly lower. Other potentially dangerous improvements, such as swimming pools can increase your premiums significantly.
When you buy a house, at first especially, make sure 1/12th of your insurance premium is added to your mortgage payment and put into escrow. Then you will have the money on hand to pay for your insurance annually without having to struggle.
We don’t claim that this a comprehensive list of the advice that you need, but it should get you going in the right direction. Why not make a few notes outlining what tips you think that you can use? Try to apply some of these suggestions – we are confident that you can get a better deal.