Most of us never really think something like a burglary can happen to us, but over a million homes are burglarized every year. If your valuables are stolen or if your property is damaged, a solid home insurance policy can see that you are compensated. Make sure you read these tips to find out how you can get the best insurance.
Renters insurance is important for anyone renting. The landlord will have insurance on the structure itself, but this doesn’t cover your belongings. You have to buy your own insurance policy to protect your things in case of flood, fire and theft.
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.
Homeowner’s insurance shouldn’t be up for consideration, you should go out and buy it. If you lack a homeowner’s policy, you will have no options if a natural disaster, theft or fire occurs. Insurance may be a requirement if you are mortgaging your home.
When you move homes, be sure that your belongings are insured for the move. This may mean buying insurance from the moving company. Your homeowner’s insurance policy may also cover items that are damaged, lost, or stolen in transit. Check with your insurance agent about a “special perils endorsement”, which will protect valuables during a move.
To make sure that a homeowners insurance claim gets processed properly, you should have an recently updated inventory of the contents of your home. People that have had a tragedy in their home will let you know how difficult it becomes to recall everything that was lost. Take pictures and video of everything in your home.
Before installing a pool or buying a trampoline, be sure to check with your insurance company to see what effect this will have on your premiums. Some companies will charge as much as 10% more to insure a house with a pool, trampoline or other potentially hazardous equipment on the property.
A good security system can reduce your premiums. Doing so makes your home less vulnerable to burglary or other assault. Your insurer will consider your home less risky and can lower your premiums. Send proof that the house is secure to the insurers.
Pay off your mortgage! While you are, of course, planning to do this anyway, the sooner you complete it the better. Insurance companies firmly believe that individuals who outright own their home are much more likely to take good care of it. Because of this, they will drop the rates for anyone who pays it off.
Taking out the best possible home insurance policy is just smart on your part, whether you rent or own your home. No one can predict when something bad will happen. And although you can prepare for the worst, there is often no way to stop it from happening. It’s best if you’re protected, though, and the tips you just read, can help you find the right protection.