Must-Know Home Insurance Tips
Andrew Jeffers | March 23, 2018
Whether you’re a renting or buying a house for the first time, you probably know how complicated homeowner insurance can get. Which is why could always use some home insurance tips.
There are liabilities, deductibles, rates, premiums, discounts and the list goes on.
How do you keep up with all the updates and still make an informed and wise decision about your home insurance?
I’m here to help you cut through the confusion and give you some tips about purchasing insurance that is designed to save your time and money.
Let’s get right into it.
Home insurance tips you can’t miss out on
Before letting things get too complicated to handle, take a look at the basic facts. If you understand what a standard insurance policy covers and what it doesn’t, you’re halfway there.
A typical policy will pay for damage to your property and your possessions, but it won’t cover for natural occurrences such as landslides, earthquakes, sinkholes, power failure, war, nuclear hazard, government action, bad workmanship, defective maintenance or flooding.
The good news is that you will be covered in case someone gets hurt on your property and decides to sue, or in the event of certain storms, fire, theft or vandalism.
If you are in a high-risk area, your insurance company may likely exclude tornadoes or hurricanes from the policy.
Tip: It’s best to consider additional coverage if you live in a region that is prone to floods and earthquakes.
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A few things to consider if you’re a first-time homeowner...
You finally get to have your own place and settle down. The white-picket-fence dream is about to come true and there is nothing that could wrong at this point. Nothing except for those nagging home buying details nobody pays much attention to in the beginning.
To save yourself the trouble, it’s a good idea to prepare and investigate your options before settling for the cheapest alternative you have. What you want is to adequately protect your investment and personal belongings, while saving money.
Here are some tips to help you achieve this:
Take into account your free discount before making any claims, as it will lead to a significantly increased rate.
Be strategic and use all your insurance to negotiate. Having your car and homeowner insurance policies with the same company makes a lot of sense if your discount turns the total cost of your insurance less. However, don’t buy a policy if you have no need for insurance in the first place.
Consider any previous insurance history gaps or non-payments, as they could also increase your future rates.
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Research and review your policy options in advance
As with everything else in life, it’s better to be safe than sorry. Finding the best homeowner insurance policy is a process involving more than just what your insurance broker tells you.
Tip: If you wait until you purchase your first home to buy insurance, you could be paying up to 25% more.
So what can you do? Take a look at the information below and make sure you tick all the right boxes:
don’t leave your home insurance purchase to the last minute
take time to research an agent whom you trust
don't skip your home inspection
establish your insurance history in advance
research insurance companies and premiums
don’t file a bunch of frivolous claims
Protect your home with the right homeowner insurance
Stay up to date with your homeowner insurance. Take some time to assess all the information you’re getting so that you can make a financially responsible decision when it comes to protecting your most important assets.
I can help you with any questions or concerns you may have regarding your insurance, so let’s get in touch today.
