Home Insurance Savings Tips
When buying a home it is important to factor in all the costs that make up your payment one of the most important ones is your home insurance. The age and the condition of the home will determine the cost of your insurance. An older roof or water heater can make it almost impossible to get a policy. You and your agent should discuss the updates needed to meet today's insurance requirements. Here are a few other tips to help you find the best insurance possible.
1. Setting higher deductibles may be an option to consider to lower your premium; just make sure you have enough cash to cover the deductible.
2. Smoke detectors, burglar alarms, third-party alarm monitoring systems, deadbolts, fire extinguishers, and Neighborhood Watch programs can earn you discounts on your policy.
3. You may qualify for “multiple coverage” discounts by using one insurance company for both your car and home policies.
4. Take note of where the fire stations and fire hydrants are located, premiums will be higher if they are too far away from the property.
5. Have you had an insurance claim in the past? Make sure any open claims are closed before applying for a new policy. It is best to be claim free for 3 to 5 years.
6. Own your home outright? Some companies offer discounts to people who have paid off their mortgages.
7. Discounts may also apply if your home was built or rebuilt within the past 10-15 years.
8. Check out flood zones and any special COBRA zones in advance.
9. Storm shutters on all your doors and windows will bring down your premiums.
10. Get an updated wind mitigation and 4 point inspection every 5 years and provide that to your insurance company. You will often find discounts for having updated systems in your home.
How to Collect: You are partly responsible for loss recovery. To prevent forfeiture of coverage and increase your ability to get a settlement: Notify your insurance carrier immediately after a loss. Make necessary repairs to prevent further damage, like removing wet drywall and flooring. Make a list of personal items damaged. Show an insurance rep the damage. Complete a statement explaining the circumstances for the insurance company.