Homeownership was always the dream. Military personnel who move often can build equity while painting their walls any color. Consider homeowners DeOliveira Insurance while searching for your dream home.
You control many homeowners insurance premium factors. Smart choices will get you coverage and save you hundreds of dollars annually. These tips can safeguard your home and mind.
Find Out
Gather as much house information as possible to estimate insurance. The age of the home’s electrical, plumbing, and other systems and construction materials can affect your premiums. Masonry homes or less-flammable roofing materials can lower insurance costs in dry, fire-prone areas. Masonry home earthquake insurance may cost more.
Learn Geography
Regardless of homebuilding materials, location affects insurance premiums and coverage. Hurricanes, tornadoes, earthquakes, and wildfires raise homeowners insurance rates. Texas, Louisiana, and Florida—coastal states with high water and wind damage claims—have paid the most for homeowners insurance in recent years, according to the Insurance Information Institute.
Rates may vary by neighborhood. Fire station-near insured homes may cost less. Seclusion can lower insurance rates, but if emergency vehicles can’t reach your home, it won’t.
Car Insurance Can Save a Lot of Money
Know Enough
According to construction-cost estimator Marshall & Swift/Boeckh, over 60% of US homeowners are underinsured because they don’t insure their homes to “replacement value.” Replacement value is the cost of building a home from scratch today. Replacement value and market value can vary greatly.
Construction costs may make rebuilding an older home more expensive than market value. Remodeling or renovating your home should increase the replacement cost of your insurance. Insurance coverage increases monthly premiums, but a major claim could save you thousands.
Complete Coverage
A homeowners policy may not cover jewelry and coin collections.
For high-value items, add a “personal articles floater” to your policy. Personal articles floaters can insure your most valuable possessions for their current purchase price or recent appraised value for as little as $30 a year, depending on the state and item insured. “Floaters” cover theft or loss away from home and have no deductible, making them popular for engagement rings and electronics.
Financial Security
Homeowners insurance goes beyond repairs and replacement. Liability insurance safeguards your finances.
If a guest falls down the stairs and is seriously injured, their insurance company may hold you responsible for thousands in medical bills. Your homeowners policy may cover legal fees up to a certain limit.
Despite standard policies offering $100,000 liability coverage, most insurance experts recommend $300,000. Pool owners need liability insurance.
Health Insurance and Employee Benefits
Comfort Level
Homeowners insurance deductibles are customizable. A $1,000 deductible instead of $500 lowers monthly premiums. Disaster insurance may require a higher monthly premium. Your call. Your insurer can customize premium/deductible options.
Safety Saves Money
Preventive measures lower insurance rates. Deadbolt locks and monitored security alarms deter thieves and prevent costly, terrifying break-ins. Convenient fire extinguishers reduce fire and smoke damage.
Keep up
Remember that homeowners insurance covers major losses. Repeatedly filing minor claims may raise premiums and jeopardize insurability. Home maintenance and repairs can prevent major losses. Home warranties cover plumbing, appliances, and other maintenance.
Keep Records
If the unthinkable happens and you have to file a major insurance claim, current records of your home’s contents and structure can help. If you’ve done any major renovations since moving in, tell your insurance company.
List your possessions, prices, and values. To prevent disaster damage, photograph or film your belongings and store them outside. The record can help you choose coverage and prove ownership if a loss occurs, helping the insurance company estimate payment.
Good Partner
Insurers must be trusted. Check the insurer’s complaints, customer satisfaction, and financial stability before buying.
