Home insurance is coverage to protect your home against catastrophe such as fire, windstorm or theft. Not only are you given the piece of mind that the structure will be rebuilt, but home insurance also includes coverage for your personal property inside your home such as furniture, clothing and jewelry.
All home insurance policies include coverage to protect and defend you and your family if a person sues you for damage to their person or property.
To keep your bottom line in check, understand policy pricing variables. Having homeowners insurance is undoubtedly an expense but it is also your protection against potential disaster and financial ruin. Homeowners policy prices vary from company to company, so let us do some comparison shopping and help you find the best deal. We will customize your policy and answer all your questions to your satisfaction. Keep in mind that the lowest price isn't always the "cheapest" option. We want to make sure that the company you choose is reputable, and that you're comfortable with the service you get from our insurance professionals.
A deductible is the amount of money that you are responsible for paying toward a covered loss. The higher your deductibles, the more money you can save on your premium, so if you can pay above the minimum $500 or $1000 deductible, for example, you may reduce the cost of your homeowners policy. If you live in a disaster-prone area, your insurance policy may have a separate deductible for damage from major disasters, so be sure you take this into account when considering whether to raise your standard homeowners deductible.
Many companies that sell homeowners insurance also sell auto insurance and umbrella liability policies. If you buy two or more insurance policies from the same provider, you may qualify for a multi-policy discount that may reduce your premium.
If you live in a disaster-prone area, you will have more insurance options to choose from if you take certain preparedness steps--for example, installing storm shutters and shatterproof glass or reinforcing your roof. Older homes can be retrofitted to make them more secure and able to withstand earthquakes. Consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage. These precautions may prevent excessive damage and the related work and stress involved in rebuilding.
Your homeowners policy is based on the cost to rebuild your home, not its real estate value. While your house may be at risk from theft, windstorm, fire and the other perils, the land it sits on is not, so don't include its value in deciding how much homeowners insurance to buy. If you do, you'll pay a higher premium than you should.
Most insurers provide discounts for security devices such as smoke detectors, burglar and fire alarm systems or dead-bolt locks. As some of these measures aren't cheap and not every system qualifies for a discount, please ask our insurance professionals for recommendations.
Types and levels of discounts vary from company to company and state to state. Please ask our insurance professionals about discounts that are available to you--for example, if you're 55 years and older and retired, or if you recently updated the plumbing or electrical systems in your home you may qualify for a price break.
Review your home inventory and any upgrades to your house or condo. Make sure your homeowners or renters policy covers any major purchases or additions to your home and also check that you're not spending money for coverage you don't need. For example, if your five-year-old fur coat is no longer worth the $5,000 you paid for it, you'll want to reduce or cancel your floater and pocket the difference.
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