Owning a home means responsibility. Part of this responsibility is insuring your home. If you are purchasing homeowner’s insurance for the first time, no doubt you have questions that you cannot answer on your own. Keep the following advice in mind when you are shopping for home insurance.
Many renters do not realize that they need renter’s insurance. The house is protected by fire insurance bought by your landlord, but your own belongings are not. Renters insurance is the type of policy you need to purchase to replace your belongings if a natural disaster, fire or burglary should occur.
Like most homeowners, you want to keep your insurance premiums as low as possible. Installing and maintaining a high-quality home security system can lower your yearly premiums by five percent or more. Make sure that it’s centrally monitored by a security company or linked to a local police station. Your insurance company will want to see evidence that your system is monitored before they give you the discount.
The best homeowner’s insurance in the world may contain provisions that require you to keep your home in working order. You should scrutinize it to see how much regular maintenance you are required to do on your home in order to be sure that all contingencies are covered. Otherwise, you may end up having a coverage-related situation you weren’t aware of, because the policy specified you needed to keep that particular part of your house in good working order in order to file a claim.
If you have fire insurance and a fire occurs in your home, damage to your landscaping is usually covered. Many people do not know this and end up having to pay their landscape damages themselves. However, most insurance companies will not pay more than 500 dollars per tree or shrub.
Install a security system in your home that has a central monitor at the alarm company. Not only do you gain peace of mind knowing that your property is well protected, but you may also receive an insurance policy premium reduction as well. You have to send proof of monitoring to the insurer to get this discount.
Consider getting special earthquake coverage if you live in an area where such a policy is warranted. Earthquakes can cause massive damage to your home, and if you are not covered you could end up paying for these repairs out of your pocket.
When choosing a home owner’s insurance policy, look into the quality of the company. The company that holds your policy should be able to back it up. It is good to know if the company that holds your policy will be around to take care of any claims you may have.
Your home is a large investment, and it is important that it’s protected. Home owner’s insurance can help you protect your home, but you need to know a few things before buying a policy. Use the above advice to figure out what you need from a policy.