When purchasing an insurance policy for your home, there are many things to consider. Make a thorough list of items that would need replacement in the event of disaster and store it away for safe keeping.
Many renters tend to overlook renter’s insurance. While a home’s structure might be covered under the landlord’s fire insurance, the contents inside will not be. If you want your belongings to be covered, you must purchase your own policy.
Buying insurance for your home shouldn’t be an “if”, it should be a “when”. If you don’t have homeowner’s insurance, you will be out of luck if you are robbed, natural disaster strikes or your house burns down. If you carry a mortgage, you are most likely required to have a homeowner’s insurance policy. They are usually required per the loan terms.
When looking for insurance quote, share with the insurance company facts about your home’s security systems. A security service and system for your home that is monitored remotely can effectively reduce your insurance premiums by 5% or more monthly.
Make sure you understand your coverage when it comes to temporary living expenses. Sometimes policies cover expenses related to temporary living arrangements in the event of significant damage to your home. It’s important to note that you will need to save every single receipt when you live elsewhere, or you will not be able to prove you paid for the expenses.
When you buy a house, remember flood insurance. Flooding is not typically covered by homeowner’s insurance, and due to recent events, it is clear that floods can happen in areas you don’t expect. If you lose your home and its contents in a severe flood, you will be faced with anxiety, grief and frustration as it is. If you do not have adequate coverage, these emotions will no doubt be increased tenfold.
Your homeowner’s insurance premium is dramatically lowered if you have an alarm or security system installed. Many security systems are inexpensive and easy to install, and can provide great peace of mind while at home or away.
If you have a rommmate or two, find out what your policy says about what is covered in a disaster. Some policies cover all possessions in the home, and others just cover yours. You need to find out what is covered.
Remember, if someone injures him or herself on any part of your property, you’re liable. In fact, you’re liable even if they are trespassing. Yes, that can be a very frustrating issue if it happens, but you need to understand that someone trespassing can bring about a lawsuit against you. So, remember that you need to have proper coverage on your home.
Your sales agent is going to give you a lot of choices for coverage. By sharing your prepared list of items that need to be covered, your insurance agent can find the right policy for you. This kind of list is also invaluable as proof of ownership in the event of damage or loss.