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There are many factors that can cost you money when you’re buying an insurance policy. If you purchase the wrong type of insurance, it might end up costing you your home. These tips can help put you in a great position to make a smart decision regarding your policy.
Check the status of your homeowner’s insurance premiums at least once a year, to see if you may qualify for a lower rate. Your current rate may be based on an old crime statistic, for example, or you may have installed a security system that could lower your rates. Discuss these changes with your insurance agent.
TIP! Homeowner’s insurance shouldn’t be considered optional. 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 want to insure your home against flooding, you’ll need a flood insurance policy. Flooding is not covered by most regular homeowner’s insurance policies. Protection against flooding covers damage from things like too much rain, creeks rising, landslides and more. If you think you need this additional coverage, speak to your agent, who will explain options and costs for your area.
You can save thousands of dollars and years of payments by making your mortgage payment on a bi-weekly basis, instead of monthly. Ask your mortgage holder about setting you up on this payment program. Since there are 52 weeks in a year, you will end up making an additional couple of payments without breaking the bank or your budget.
Always get the “guaranteed replacement value” stipulation in your policy. This gives you the cost of a full rebuild of your home, regardless of what destroyed it. One of the best benefits of this is that even if inflation occurs in the construction market, the insurance company will be the one to bear the extra costs.
TIP! As changes in your household size happens, talk with your insurance agent to alter your policy accordingly. You need a second look to see if coverage limits exist on high-value items.
Installing a security system in your home is a great way to lower your home owners insurance premiums. A savings of 5% or more is typical with the installation of a system that includes monitoring by local law enforcement or a central security center. Make sure to submit proof of the monitoring contract to your insurance company to ensure you receive your discount.
Purchase a burglar alarm with central monitoring to save money on your home owner’s insurance. Most insurance companies will discount your policy price by up to five percent if you can show proof of a centrally monitored alarm system. The price you pay for the insurance may very well be offset by the discount on your insurance premiums.
Choosing home owner’s insurance is a huge decision. Make sure that you’re informed. This is about your home, not just something simple like a car. These tips are here to assist with locating the best coverage for your situation.