Home Insurance
For many of us our home is our most valuable possession. The time to think about the unthinkable disaster is before it happens to you. If your home were damaged or destroyed, insurance can help you repair or rebuild your home and replace damaged possessions.
When purchasing home insurance, be sure to select a dwelling coverage limit that reflects your homes current "replacement value"; what it would cost to rebuild your home with like kind and quality. The last thing you need to learn at time of loss is that your insurance limit was inadequate.
A homeowners insurance policy consists of coverage for your dwelling and your personal property. It also includes liability insurance which pays for injuries to other people or damages to their property accidentally caused by you, your family or your pets. You also can buy several types of additional insurance for property that is not listed in your homeowners policy or for perils not covered — such as flood — for which you need a separate policy. You do this by either buying a separate policy or by adding an endorsement or rider to your policy.
Tips for Keeping Your Rates Low
In addition to a favorable loss record and credit scoring report, other steps you can take to reduce your homeowner’s premium include:
- Raise your deductible - A $ 1,000 deductible is more common and better than a $ 500.
Hurricane deductibles are separate and usuaully set at 3 - 5 %.
- Renovation credits by updating the electric, plumbing and heating systems and or the roof.
- Make your home safer by installing a central station burglar and fire alarm system.
- Account credit by insuring your home and auto with the same company.
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