Homeowner’s Insurance protects your home in the event of accidental damage as well as liability in case someone is injured on your property. There are many kinds of insurance policies, therefore it pays to investigate and choose the right coverage for your home and family.
Before you purchase a home….and during your house-hunt, there are several things to consider that can make a big difference in insurance premiums:
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Make sure there are no errors on your credit report - Most people aren’t aware that this is a consideration when insurance companies are considering your application.
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Check your home insurance claims history. This is called a CLUE report. The number of claims you have had will determine your insurability as well as your new premium.
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Consider the age and condition of the home you are considering. Has an older home been brought up to current building codes?
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Is the plumbing in good working order? Leaks can cause water damage.
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Is the home equipped with a burglar alarm? This can lower your premium by as much as 10%.
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Does the home have a swimming pool? You might consider additional coverage.
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How close is the fire department? The closer the better.
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Always shop for the best rates and coverage.
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Be sure to get full replacement coverage
What Homeowners Insurance Does Not Cover…..
Flooding – Flood insurance is available through the government’s National Flood Insurance Program. http://www.floodsmart.gov/floodsmart/pages
/index.isp Consider flood insurance if your house could be flooded by overflowing rivers and streams.
Earthquakes – Check your local insurance provider for quotes.
Take a Home Inventory of all your possessions
You never know when an accident will happen, so it’s wise to take an inventory. And make sure you update it regularly. It will help settle claims and substantiate losses for your tax returns.
A notebook with all your possessions listed is great. You can add to it or remove items as necessary. Photographs are a great idea. If you have a lot of photos, they can be stored on a disk. Serial numbers are invaluable in case of theft. If you have a video camera, it’s easy to walk through the house and record everything. Open closet and cabinet doors and film your belongings.
Top 10 Ways To Lower Your Homeowner's Insurance Cost
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Shop Around for the best rates and coverage
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Raise Your Deductible – This is the amount of money you pay out of pocket toward a claim before your insurance kicks in.
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Don’t confuse what you paid for your house with rebuilding costs. What is the value of your lot? You shouldn’t pay insurance premiums on land that isn’t at risk.
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Buy your home and auto policies from the same company
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Improve your home security – There’s usually a discount for ii systems.
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Always maintain a good credit rating
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Stay with the same insurer…..some companies offer discounts for long-term customers
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Review the limits of your policy and the value of your possessions yearly
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When purchasing a new home, consider the distance to the fire department or hydrant. Is there a professional fire department? Or is it a volunteer department? Also consider the age of your heating, cooling and plumbing systems.
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Ask about additional discounts that might be available to you.
Feel free to contact us with any questions. We will look forward to hearing from you soon! 866.359.2800 or 615.826.0305.
Remember - You've got a friend in Nashville! We are your Buyer's Agents - specializing in helping homebuyers!
