Home Insurance

For most of us your home is your most valuable possession, and in most cases your home is your greatest asset. How much coverage should you have on your homeowners insurance policy? Do you know that you have enough homeowners insurance coverage? Does your homeowners insurance policy reflect the current replacement cost of your home?  Maybe its time you reviewed your policy.

The purpose of homeowners insurance is to protect you against losses you cannot afford. If your home were damaged or destroyed, insurance can help you repair or rebuild your home and replace damaged possessions. Not many of us have the financial resources to rebuild their homes without homeowners insurance. In addition to protecting your home and your belongings, homeowners insurance can also provides liability coverage to protect you from a law suit if someone is injured on your property and sues for damages, regardless if it is warranted.

The time to think about the unthinkable disaster is before it happens

A homeowners insurance policy consists of coverage for your dwelling or the structure and your personal property. It also includes personal liability insurance which pays for injuries to other people or damages to their property accidentally caused by you, your family and in most cases your pets. Additional property insurance not covered on your standard homeowners insurance policy such as flood, or earthquake can be purchased on a separate policy.

There are some ideas you to reduce your homeowner’s premiums.

• Raising Your Deductible – Your deductible is the amount you agree to pay before your homeowners insurance will pay for your loss. Raising your deductible to a limit that you could handle in case of a loss is consistent with the purpose of insurance, and a great way to reduce the cost of homeowners insurance.
• Newer Home Credit – You may be eligible for discounts for the age of your home. Homeowners insurance carriers often give credits for homes constructed in past 10 years or less.
• Safe Homes – You may be eligible for a discount if you have a burglar and fire alarms systems and/or sprinkler systems. Monitored systems will earn a bigger discount than unmonitored systems. You can also create a safer environment for having a fire extinguisher, and even deadbolts. You may also be able to receive homeowners discounts for these items as well.

Construction Material – Fire-resistant building materials can create homeowners insurance discounts, such as brick, masonry or rock. You may pay a lower premium for fire-resistant roofs, such as those made of concrete tile, while wood roofs may bring additional costs or surcharge. Distance to the nearest fire department becomes a factor. If purchasing a home, make sure there is a fire department less than 5 miles from our home.

Other discounts you can attain are multi-policy, Group discounts for belonging to an approved association., or an approved occupation. Each homeowners insurance company is different, and each homeowners insurance company can offer different discounts.  Also ask your homeowners insurance agent what other discounts are available.