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Home Insurance Check-Up
Experts suggest obtaining free home insurance quotes at least once every year to make sure you get the best price and coverage options, but it's also the perfect time to perform a home insurance check-up.
Obtaining free home insurance quotes is easy thanks to online sites that allow users to compare prices and policies from many different providers all in one location. Since you are comparing coverage and pricing options, it's a good idea to review insurance needs with a check-up that covers these essential questions:
Do I have enough coverage? Although the sales price of many homes across the nation has dropped in the past 18 months, it is still a good idea to make sure you have enough coverage. Remember, the cost of supplies, labor and other expenses required to repair or rebuild your home may continue to increase.
Do I have enough coverage to replace the content of my home? Be sure to inform the agent of any major changes such as remodeling, the purchase of all new appliances or other upgrades.
Do I have a "named-peril" or "all-risk" policy? Typically, an all-risk policy covers everything except those items specifically mentioned while a "named-peril" policy only covers those items listed.
Do I have inflation protection built into the policy? This prevents homeowners from inadvertently becoming under-insured due to rapidly increasing rates of inflation. Many economic advisors believe the current level of federal spending is likely to lead to increased rates of inflation for the future, so prudent homeowners should consider the value of inflation protection when purchasing a new policy.
Do I have building ordinance coverage? Changes in building codes and standards may increase the expense of repairing or rebuilding a home; this policy provides additional coverage that assures your home will be brought back up to standards without the risk of additional out-of-pocket-expenditures on your part.
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Home Insurance Comparison: Watch Out for Permits!
While most homeowners recognize the importance of obtaining proper permits when having work performed, many first-time buyers may not fully appreciate the importance of verifying the quality of construction and proof that all permits and inspections were properly performed. For example, faulty installation of plumbing, electric or other systems can result in damage to the home which may void the warranty related to the device, prevent the future sale of the home and even restrict the amount of insurance coverage should a claim arise.
Whether you are buying a brand new home or existing home, take the time to protect yourself.
Verify permits. Make sure all work conforms to current building standards and had a permit. If you are unsure, be sure to specify this when obtaining a home insurance comparison quote. You don't want to find out later the work was illegally performed and will not be covered by insurance.
Obtain an inspection. Even new homes need an inspection to help spot potential problems. Another excellent idea is to visit the building inspection office to obtain the complete history of permits, inspections and other visits to the home.
Keep good records. Going forward it is a good idea to keep good records of all work performed including the company, license numbers, insurance and bond information.
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Special Homeowners Insurance Quotes Online
More homeowners are finding the need for special homeowners insurance quotes online, especially when a major underwriter leaves the area or stops writing new policies like in Louisiana or Florida after the storms. However, there are many reasons the average homeowner may find the need for specialized homeowners insurance quotes. Many towns may have only one provider that covers certain hard to insure situations, this includes the following:
Flood Insurance
Older Homes
Home Business
Partial Use of Home or Equipment for Business Purposes
Mobile or Pre-Manufactured Homes
Condominiums
Multiple Residence Properties
Bad Credit
Extensive Prior Claim History
Cancellation of Policy or No Insurance
Major Remodeling of Home
If you encounter one or more of the above situations, it often pays to comparison shop online for competitive quotes. Always be honest when filling out the form to avoid cancellation of the policy or failure to pay a claim at a later date.
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How to Beat the Rising Price of Homeowners Insurance
If you are like most Americans, every little bit helps; learn how to beat the rising price of homeowners insurance with these free homeowners insurance quote tips designed to provide the coverage you need without the high cost.
Calculate the cost savings of increasing the deductible. Every homeowners insurance policy has a deductible — the amount you are required to pay out of pocket — that must be met before the insurance provider pays the remaining balance of the claim. Typical deductibles range from $250 to $2,500 and generally speaking, the lower the deductible, the higher the cost of homeowners insurance. Find out how much money you can save by increasing the deductible of your homeowners insurance policy.
Once you find out how much money you can save by increasing the deductible of your homeowners policy, set aside the savings into a bank account. For example, if you currently have a $250 deductible but increase it to $1,000 in order to reduce your homeowners policy by $300 per year, then open a special savings account to put the $300 savings into it. Do this each year and soon you will have more than enough to pay the additional $700 deductible plus money left over.
Make a little money! The extra deductible will more than pay for itself in just over two years, but why stop there? Keep putting the savings from your insurance premiums into a savings account or even interest-earning Treasury Bills until you can increase the deductible to $2,000. That will lower the rate of homeowners insurance premiums even more, plus lower the chance of having to make a claim that could result in higher insurance premiums later.
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