Protecting your home & property with a home insurance policy is critical, but what good is an insurance policy if it does not meet your needs?
Educate yourself on the details of your insurance policy can help maximize coverage & reduce costs.
Assess the level of coverage
If a natural disaster destroyed or seriously damaged your house, would you have enough insurance to cover losses? The United States Govt. Accountability Office shows that the majority residential homes are underinsured by an average of 23%, if you have underestimated the value of your home or if you recently remodeled or added an extra room or structure, you may be underinsured. If you are unable to assess the coverage of your home insurance before the disaster sock, you may be left out in the cold.
Recognize coverage gaps
Are you covered for “cash value” (the item’s deflated value) or “replacement cost” (cost of the brand-new item) do you’ve luxury items like jewelry that is valuable enough to require riders? Identify gaps in your insurance policy can help prevent unpleasant surprises when filing a claim.
Take a house Inventory
If you need to make a claim, would you be able to prove the value of your lost, stolen or destroyed objects? According to the Council of Insurance resources, less than half the owners keeps appropriate house inventory. Keep a list of valuables in your home can help you remember the value of your items when filing a claim. Collecting original receipts of sales, the serial numbers of big ticket purchases & photographs / video items is recommended while taking a house inventory.
Understanding Flood Insurance
Despite the fact that 11 million homes lay within flood zones, over 67% of owners have no insurance against floods. Flood damage is not covered by a standard policy of insurance, & must be purchased separately. If a hurricane or other natural disaster causes flooding, damage to your home will not be covered by a standard insurance policy.
Cutting Home Insurance Costs
Why pay high premium coverage for insurance when you could get the same coverage for less? Raising your deductible from $ 200 to $ 1,000 can reduce your premiums up to 35%. Installing a home security system may save up to 25% on your premium.
Shop Around
Now that you’ve done your homework, you should not be rewarded by a better rate? Shop around for quotes & see if you can find a cheaper policy.
