We understand that it can be a bit overwhelming when your making a decision on which home owner’s insurance to buy, along with choosing which benefits to add. Therefore, we’ve compiled a list of 5 things you should keep in mind when buying home owners insurance, including some tips to save you money.
- Maintain A Security System. Installing a security system that is monitored by a central station or tied to the local police station could get you up to 5% or more of a discount.
- Install Additional Smoke Alarms. Installing additional smoke alarms could save you up to 10% or more with some insurance companies.
- Raise Your Deductible. Raising the deductible will bring the premium down. If you have a small claim it may be better to absorb the cost yourself rather than submit to you insurance company. Small claims can impact your premium for years. I you can afford to fix it yourself, do so.
- Review Your Policy. You should review your policy once a year and compare it with rates of other companies. Note any changes that may have happened such as adding smoke alarms, security alarm, sprinklers. If you had a trampoline and took it down, that would lower your rate or open you up to different companies that may not have accepted your risk with it on your property. Changes in you neighborhood such as a new fire hydrant within 100 feet of your home could affect your rates as well.
- Guaranteed Replacement Value Insurance. You should always have your home insured for replacement coast. In the event your home is destroyed in a disaster. Your home will be rebuilt no matter the coast. Coast of building a new home has a tendency to go up over the years. It will cost more to rebuild your home than it did when it was originally built.
Have any questions? Ready to buy your insurance? Contact us!