|
|
Homeowners' Insurance
No discussion for homeowners could be complete without
a section on Homeowner's Insurance. Many owners are not clear on exactly what their insurance covers or what the
level of coverage is. They assume that if there is a catastrophic loss, they will be covered almost without exception.
It is a smart idea to take a close look at your current Homeowners' Insurance policy and review the following major
components.
|
Homeowner Insurance Resources
|
Netquote.com Since 1989, NetQuote® has provided consumers with a free, simple, and effective way to fulfill
their insurance shopping needs |
| InsureMe.com
With one simple application, InsureMe will get you insurance quotes from
top-notch insurance companies. |
Homeowners' Insurance checkup
What is covered: Have you made any additions or improvements to your house that will need to be added to
the policy? If you have, inform your agent in writing and send photographs to validate the improvements.
What is the coverage level: Has the value of your house risen in the last year? If you do not have a
rider that automatically raises your coverage on an annual basis, you will need to adjust your level of coverage
to match the increase in property value.
Guaranteed replacement cost: Does your policy stipulate that you will be paid a guaranteed replacement
cost or is there a limit to your coverage. Review this with your agent.
Liability Insurance: What are the limits of your coverage in a situation where someone may be injured in your
home?
Content Insurance: Have you added any expensive items (computers are a prime example) that need to be added
to your policy?
How to maximize your coverage and minimize
your premium cost
The following are a number of methods that you can use
to potentially lower your annual premium for your Homeowners' Insurance. Consult your agent to see which apply
and how much you can save. In addition, most will add to the safety and security of your house.
Dead bolts: Install dead bolts on all exterior doors.
Security alarm: Install a security alarm
Smoke detectors: Have smoke detectors on all living levels.
Fire extinguishers: Have operational fire extinguishers available in the house.
Consider a higher deductible: If you are comfortable with the possibility of having to pay a bit more
out of pocket in case of a loss, raising the deductible (the amount you will pay when there is a claim) will lower
your annual premium.
Multiple policy discounts: Have your homeowners' policy and auto policy with same insurer: Many insurers
will give you a discount if you maintain both policies with them.
|
Homeowner Insurance Resources
|
| Netquote.com Since 1989, NetQuote® has provided consumers with a free, simple, and effective way to fulfill
their insurance shopping needs |
| InsureMe.com
With one simple application, InsureMe will get you insurance quotes from
top-notch insurance companies. |
|
