Purchasing a home is a huge responsibility and finding the best insurance for it is also part of the process. If you are purchasing homeowner’s insurance for the first time, no doubt you have questions that you cannot answer on your own. Continue reading to learn tips that are sure to help.
Homeowners insurance is a very big necessity in life. Keep in mind that some mortgage companies will not even make the loan unless a person can provide proof of coverage for fair or full value of the home. It can be very expensive so be sure to research the different companies and compare their policies so that you can find the best rate and coverage.
Get price quotes from area businesses before dealing with any claims adjuster during an insurance claim. You should keep all the documents you get from contractors as well as receipts from the work done on your home. Additionally, if you must stay in a hotel, keep these receipts and turn them into your insurance company.
You might be able to get a discount on your homeowners insurance if you have a security system or alarm. It’s not enough to have local alarm — to qualify for the discount, you usually have to have a monitored service, and the insurance company will ask for proof of this, so make a copy of your monitoring service contract to give them.
Don not, under any circumstances, allow your hazard insurance on your home to lapse. Most mortgage companies have a clause in the agreement you signed that in the event you don’t pay it, they will find a new policy for it, sparing no expense, and charge you for the premium. It will usually be at least double what you were paying before. You are better off doing whatever you need to in order to keep your policy current.
If you are nearing the age of 55, it’s a good time for you to have your home insurance policy reviewed, or seek out a new carrier. Often, insurance companies offer discounts to senior citizens beginning at age 55. If you don’t have a company that offers this, then you should look elsewhere.
A great way you can save on your homeowners insurance is to avoid expanding on your home too much. Sure, you can fix up those odds and ends, but putting that dream patio in your back yard or that extra bedroom on the second floor is going to cause your insurance payments to spike.
A home is the largest, most important purchase you’ll make in your lifetime. With so much at stake, it would be unthinkable to let your investment go unprotected. Homeowner’s policies are great protection, though you need to ensure that it is the sort of coverage you specifically need. Keep these tips in mind when looking for the best homeowner’s policy.