Protect Your Valuables With Home Insurance

It’s important for you to maintain high quality insurance on your home without paying exorbitant rates. Home insurance rates are only expected to increase, so these tips will help you reduce your monthly outlay and maintain reasonable coverage:

-Get a discount for insuring your cars and home with the same company. If you’re insuring other property, such as a boat, contact your insurance company about a discount on your home insurance rates for insuring everything in linked policies with the same company.

-Increase your deductible and keep that money in a high-interest savings account. You’ll save on your home insurance rates each month and be prepared if you ever need to file a claim for damage or theft. Set your deductible at the highest amount that you can comfortably afford to pay in the event of a claim.

-Shop around for cheaper home insurance rates every year. Changes in your life situation, such as a new car on your policy or declining home values in your neighborhood can positively impact the amount that you’re paying for your insurance. Different insurers use different methods to calculate your home insurance rates. Keep shopping around until you find the rate that will be the lowest for your personal situation.

-Always purchase replacement coverage to replace any goods that are lost. If your coverage only protects the assessed value of your belongings, then you will have to cover the balance of the actual replacement cost out of your own pocket. The increase in payments that this coverage represents will be well worth it in the event of fire, burglary or earthquake.

-Be sure that you secure separate flood insurance for your home. Standard homeowner’s insurance will not protect you against damage from flood, leaving you responsible for the entire cost of your home and any valuables inside of it in the event of flood damage. Check your policy for flood coverage and ask about flood insurance when you solicit cheaper home insurance rates.

-Remember to find home insurance that will protect you from personal liability, in addition to protecting your home and belongings. If someone is hurt on your property or as a result of a tree falling from your property, you will be financially responsible unless you’ve secured sufficient insurance to cover you from liability. Protect your assets and check your policy for personal liability coverage.

-If your home has large amounts of valuables, be sure to disclose the values of this property to your insurance agent so that they can be written into the policy. A standard insurance policy may not protect valuable jewelry, high-end electronics or collections of rare goods. Talk to your insurance agent as soon as possible to ensure that you are covered — it is always better to know that you are covered before a claim needs to be filed.

-Renters can also benefit from shopping around for lower home insurance rates. As a renter, your property is not covered by your landlord’s building insurance policy. Renter’s insurance can be had for pennies a day, but the protection that it will afford is highly worthwhile.