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
main purpose of insurance is to protect you against losses you cannot afford.
Few people have the financial resources to rebuild their homes. In addition to
protecting your home and possessions, homeowners insurance also provides liability
coverage to protect you from financial ruin if someone is injured on your property
and sues for damages.
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
are some simple steps you can take to reduce your homeowner's premiums.
- Raise Your Deductible
- A deductible is the amount you pay before the
insurance starts to pay for your loss. Since the purpose of insurance is to pay
for the losses you cannot afford, raise your deductible to a limit that you could
handle in case of a loss.
- New Home
- If your home is less than
10 years old, you may be eligible for a new home discount.
- Make Your
- 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.
- Construction Material
you buy a home, look for fire-resistant construction, such as brick, masonry or
rock. You may pay a lower premium for hail-resistant roofs, such as those made
of concrete tile, while wood roofs may bring a surcharge. Check the location of
the nearest fire department, and avoid buying in flood areas. Non-Smoker Discounts
Printable Home Inventory: