Essential Insurance Tips For Homeowners
When you start looking for a home you become very aware of the state of your finances
. In many cases a mortgage company or bank will not finance residential real estate transactions, nor make a loan unless you provide evidence that you can pay for and/or already have homeowner's insurance. It seems like your well-earned money just keeps slipping out of your fingers, doesn't it? Well, there are ways to lower your premiums so at the very least you can balance your costs.
One way to lower your costs is by actually lowering your risks. If you invest in home security systems, smoke alarms and carbon monoxide detectors you are taking an active role in the protection of your home. If your system is monitored by a local police or fire station even better. It could potentially lower your premiums by around 5% to 10%. All you have to do is provide proof to your home insurance company in the form of a bill or contract. The reason for the discount is because the chances of extensive fire or burglary damage are minimized.
An obvious would be to raise your deductible. If you select a higher deductible you will lower your annual premium. Of course, the only main downside to this tactic is that anything costing under a specified amount will be absorbed by you. So you cannot really ask for the insurance company to cover broken windows when the next door neighbor's kid accidentally hits a baseball through them.
Another obvious thing is to invest in insurance packages. If you ask the company what other coverage they offer they may suggest you pick certain related plans- such as auto or life insurance. Typically companies will offer package deals or discounts if you sign for several different policies. This is to ensure you're satisfied and that you stay with them.
Any renovations or additions to your property should be well-thought out. Consider not only the materials but the location on your property. Ensure that any electrical wiring and similar things are up-to-code and that you won't be interfering with anything currently on your land that could become hazardous with disruption. Also, if you install a pool, make sure you close it off with a fence or something to prevent an increase in costs due to risk factor. You can call your company to find out what they recommend.
Another unappreciated fact is that if you pay off your mortgage your premiums tend to lower too. The reason is fairly straight-forward: companies tend to assume things you rightfully 'own' will be taken better care of than things you don't. The more of the house you own yourself, the less they feel you're going to let it fall apart because it's an investment.
These are very easy ways to lower your annual costs. Follow these and look forward to the savings.
by: Mark Etinger
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