Finding the best deal on Homeowners Insurance

Getting the Best Deal in Homeowner’s Insurance

For homeowners, their home is more than the roof over their head; it’s often their number one financial investment. Properly insuring this investment (including that roof!) is crucial. While no one wants to suffer the risks of being underinsured, that doesn’t mean you need the most expensive policy either.

Four ways to make sure you’re getting the best policy for your buck:

Re-Evaluate Your Plan

Every few years, ask your insurance company for a updated or customized estimate of your home’s replacement cost. Be sure you purchase an extended-coverage rider, which adds up to 30 percent to your replacement value limit to protect against the surge in the price of materials and labor that can follow a natural disaster. There’s also a law-endorsement rider which covers any extra expense of rebuilding your house to comply with the current local building codes you’ll want to cover as well.

And have you tapped into all your potential discounts? Most insurers offer discounts for deadbolt locks, smoke alarms, and burglar alarms which can cut 5 percent from your premium.

Still don’t like how those numbers are adding up?

Shop Around

You don’t know if there’s a better price elsewhere if you don’t ask. Consider online shopping sites such as Insure.com, Insweb.com, and NetQuote.com or find an agent who sells insurance from multiple carriers at Iiaba.net the website of the Independent Agents and Brokers of America. You can also see if your state insurance department publishes online rate comparisons.

And if you’re looking to switch companies why not look at your auto insurance supplier? When you use the same company for both home and auto it can cut costs. Check with your auto and home carriers to see what savings each can offer by consolidating your insurance needs with the best one.

Raise your Deductible

Insurance should be called on to cover bigger losses and not the smaller expenses. Keep a designate savings account for minor repairs and go with a higher deductive to reduce your annual premium.

Reduce Risks for Loss

Take preventive measures to protect your home. It’s better than paying out your higher deductible and risking an increased premium after a claim. You can protect your home with both safety features as well as safety practices.

Features that will increase the safety of your home include reinforced washing machine hoses instead of the standard rubber ones. This small change could avoid the average $5,300 claim for water damage if the hose blows when no one is home.

You can also protect against roof damage from hail and debris with impact resistant roofing. Storm shutters and doors as well as hurricane resistant siding are important upgrades especially if you live in an area commonly in the path of such storms. If earthquakes are the bigger risk in your area, make sure your home’s frame is properly secured to its foundation.

In practicing safety remember never to leave pots a hot stove unattended. This is a major cause of home fires. Also be sure to have a fire extinguisher handy and show its location to anyone who may use the stove. Also don’t place radial heaters to close to a flame-able source in your house and don’t overload electrical plugs.

Buying a home is an important step, but protecting your investment is also important part of the homeowner’s journey. Be sure to stay on top of your home owner’s policy so you aren’t wasting money on too-high premiums, but don’t sacrifice proper coverage and running the risk of being hit harder, further down the road.
This blog was inspired by a Yahoo article

Important Homeowners Insurance Considerations

Choosing Homeowners Insurance the right way!

Insurance Blog 2/28/14
Three important reminders to help you fully cover your property.

No one wants to make the mistake of being underinsured, watching bills and financial headaches mount after something goes wrong. A standard homeowners insurance policy includes four essential types of coverage: Homeowners Insurance Coverage for the structure of your home, coverage for your personal belongings, liability protection, and additional living expenses in the event you are temporarily unable to live in your home because of a fire or other insured disaster.

Homeowners hoping to cut costs should shop around for the best plan, but not trim essentials needs. When buying a plan for your home, be sure to keep in mind:

Homeowners_Insurance-www.edcuellar.com

1. Don’t choose Homeowners Insurance on price alone!

You want to choose a company with a quality reputation and great customer service. If you have a claim, you need to be able to get through, get answers and get resolutions!

Also remember that the cheapest policy may not be the best policy. What may cost less up front, could cost you more in the long run. You need to make sure your policy covers the replacement cost of your home and its belongings, not simply the cash value. For example, if your roof suffers structural damage in a storm, you don’t want a policy that will only pay you for the depreciated cost of that roof when replacing it will cost you thousands more

2. Homeowners Insure for the replacement value not the real estate value.

The current real estate value of your home may be different from the cost of rebuilding it altogether, but if your home is wiped out in a natural disaster you need to have enough insurance cash to rebuild and re-purchase your destroyed furniture and other belongings.

If you’re looking for a lower policy this is not the area to trim. Instead consider a higher deductible to reduce premium payments.

3.Don’t forget about flood insurance and other extras.

One of the largest mistakes that homeowners make is assuming that their policy covers their home and belongings in the event of every potential risk such as a flood. A prudent homeowner will know what natural catastrophes are common in their location and make sure they are adequately covered. But no matter what, don’t forget the flood insurance! This is almost always a separate policy but even homes in low risk zones can see flood damage. The Insurance Information Institute explains, “Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond or water running down a steep hill.” And don’t wait for a flood season warning to buy a policy – there is often a waiting period before the policy goes into effect.
So what are you waiting on call Ed for Homeowners Insurance!

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