Your kids grew up there. You may have even raised pets there. It may be the case that you even spent your childhood there. What are we talking about? Your beloved home. Your home is filled with important, cherished memories and it deserves proper protection. The following section will serve as a guide for finding the right homeowner’s insurance for you.
Be aware of what your home insurance actually covers. A regular home insurance policy doesn’t cover things such as flood damage. This type of insurance needs to be purchased separately through the Federal Emergency Management Agency. Another thing to consider is earthquake damage. If this is something that you may experience, you will have to buy specialized coverage from a private home insurance company. Luckily, both of these types of coverage are relatively inexpensive.
If you have a child in college, check with your insurance agent about whether the child’s residence requires a separate insurance policy. Nearly all policies will cover belongings stored in a dorm room, while the regulations about off-campus apartment living will vary widely from policy to policy, even within the same company.
If you need to file a claim with your homeowner’s insurance company, do so promptly. Quickly respond to any request for information as completely as you can. The more information the insurance company has, the faster they can process your claim. Also, much damage suffered by homes will only worsen with time, meaning that if you let it sit, the cost will be higher.
If you have expensive landscaping around your home, consider purchasing separate insurance for it. Most basic homeowners insurance policies will not cover damage from wind or other environmental factors to landscaping. This means that if your expensive imported trees come down in the wind, your homeowners insurance policy will generally not cover it.
To get a reduction on your homeowner’s insurance premiums, try purchasing a quality alarm system. This lowers the chances of a break in. The insurance provider can decrease your coverage prices when your home is not considered that risky. You will have to provide proof of a security system to get a lower rate.
To avoid an increase in your homeowner’s insurance rate, you should avoid submitting small claims. Some insurers take even small claims into account when figuring if they want to keep you as a policyholder, and you might find yourself uninsured for the big things because you wanted to be be reimbursed for a relatively small amount.
Consider raising the deductible on your home insurance policy. A higher deductible on your insurance policy can significantly lower your annual home insurance premiums. Unfortunately, by raising the deductible, your home insurance company will no longer pay for small claims, such as broken window repair, leaky pipe repair and minor wind and flood damage repairs.
Acquiring home owner’s insurance prior to problems occurring will help you and your finances. It is one of the most important ways you can protect your investment. Instead, use the tips above to guide you through the process, and you’ll be on your way to protecting the place where your favorite memories take place.