Great Advice For Home And Insurance

Introduction

Home and insurance are synonymous terms that are commonly used in every part of the world. It has become a necessity as most mortgage companies won't provide a loan against your property unless it's insured. Buying a home and insurance can be quite frustrating and cumbersome unless you know what you are doing.

Home and insurance can be very expensive, especially if you are living in a high risk area such as near a known earthquake fault line or a major water source etc. To save you time and money and a severe headache here are a few tips to make buying home and insurance fast and easy.

Step 1

Find out how insurable your home is. This depends on a lot of factors like the size of your house, when it was built, if it has proper fire and burglar alarms and adequate fire hydrants on your street etc. By determining all this, the agent can quote you the best rate for your home and insurance.

Step 2

Raise your deductible on the home and insurance. By raising your deductible you will lower the annual premium that you have to pay as many insurance companies give discount on higher deductibles. However you must be careful as a high deductible will mean that you will have to pay for small damages that cost less than the deductible to fix.

Step 3

Look for other discounts. There are many insurance companies that cover all sectors such as home, auto and life and if you get all your insurances from the same company they can give you a discount of up to 10% on your home and insurance. You can sometimes also get discount if you have an alarm system installed that is connected to a central station.

Step 4

Design an insurance friendly house. It is obvious that if you use non flammable material such as concrete and steel instead of flammable material such as wood your home and insurance will cost less. Building hazardous structures such as swimming pools and trampolines add to the insurance.

Step 5

Review your policies regularly. At least once a year you must review your home and insurance policy to see if there has been any changes in the terms and conditions or if you have installed new safety measures then the premium can be lowered. Keep an eye on any changes that are made in other policies by other companies due to some change in the market as your company must provide the same to you as well.

Tips and Comments

Always remember to buy a 'guaranteed replacement value' homeowner's insurance as this means that in case of a disaster your home will be rebuilt. This will help to absorb any increase in the cost of building a home that has taken place since you built your home.

Document everything in order to get the whole process of buying home and insurance completed smoothly and quickly. Photographing and videotaping the house and making an inventory of all the possessions will help you to make quick claims in case of a disaster.

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