5 TIPS FOR HOMEOWNERS INSURANCE
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That's important because chances are your home is likely one of your largest investments.
If your home was destroyed by fire or damaged by a natural disaster, you'd need money to repair or replace it.
If a guest in your home is injured, liability protection and medical coverage help pay for expenses.
If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
If you are still paying for your home, your lender will require insurance.
It is important to know that homeowner’s insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk to you about what is covered and be sure to read your policy so you know exactly what's included and what’s excluded.
1. No Claims Bonus. As with your car insurance; a record of no previous claims will reduce your premium. If you need to make a claim, consider whether it may be cheaper to pay for the loss yourself and avoid an increase in premiums.
2. Your Age. Statistically, the older you are, the less likely you are to make a house insurance claim. So if you're a lower risk this will be reflected in your premiums. Some companies offer extra benefits to those over 50 such as Saga.
3. Extra Security. Declare any special safety precautions you've made for your valuables such as a home safe.
4. Your Lifestyle. If you have a dog, are teetotal and don't smoke, be sure to declare these since such factors are used by some insurers to reduce premiums.
5. Request A New Quote. Occasionally applying to your existing insurer as a new customer can reduce your premiums. Many insurers offer discounts to new customers which won't be repeated when it’s time to renew your policy.
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