Home Owner's Insurance Simplified: Everything You Need To Know ...

If you install a structure on your property, it will typically be covered for 10% of your home?s insurance coverage. If you put in a structure that is worth more than that, like a guest house, then you should seek out an insurance policy that covers that structure in case of damage.

Check with your homeowner?s insurance before adding any major recreational structures to your property. Adding on a swimming pool, above ground or in ground or even children?s toys, like swingsets and trampolines, can significantly raise your homeowner?s insurance rates. The increased cost of these items should be considered before any major renovation.

Don?t forget your drawers when completing your photo or video inventory for your home insurance. Also, make sure you include anything you might be hiding away in a secret spot like expensive jewelry. Open up that jewelry box and take photos of each item separately with the purchase price and date of purchase, if known.

Have your financial house in order before you try and enter into a real estate transaction. Check your credit report and credit score from the three major credit bureaus. If there are any inaccuracies, you will want to have those fixed. Unexpected hiccups in your financing can derail a purchase you are about to make.

Install a security system to reduce the cost of your home insurance. By installing a burglar alarm that is linked to a local police station you can decrease your home insurance annual premiums by 5% or more. Make sure that you inform your insurance company that you have a security system installed and be aware that they may ask you to provide proof.

Understand the risks you face if you live in flood- or earthquake-prone areas, including what kinds of additional insurance you will need. Home owner?s policies typically do not cover destruction caused by these two forces, and you will likely need additional coverage to fully protect your home in the event of a disaster.

Consider your insurance premiums when you add improvements to your existing home. In most cases wood structures are more expensive to insure as they are extremely flammable. Consider additions using concrete, brick or steel frames as their insurance premium is significantly lower. Other potentially dangerous improvements, such as swimming pools can increase your premiums significantly.

Lower your annual home insurance premiums by raising your deductible. The higher the deductible, the less you pay. Even though you will be stuck with footing the bill for smaller problems you may encounter, it is worth it in the long run. Insurance companies tend to raise a homeowner?s premium after any claim they make, no matter how small.

Be sure to regularly review and compare possible home owner?s policies. You should do this at least once a year. Be sure to compare costs of other policies to your own. You should review your current policy and note any changes that may have happened that could lower your premiums.

When buying a home don?t forget to purchase flood insurance. Floods are not always covered by traditional homeowner?s insurance, and recent events have made it clear that flooding can happen in places that aren?t expected. Losing a home to flooding waters and the damage that results can be extremely upsetting; make sure that you have an insurance plan in place in case something happens.

To ensure the protection of major home improvement projects always report them to your homeowner?s insurance company once they are completed. While this may result in a small premium increase, it is the only way to make sure that the added value of your home is covered in case of damage.

Look into purchasing a security system for your home. You will receive a reduction on your home owner?s insurance premiums. The discount might be enough to cover the expense of the monitoring systems payments. This will give you a safer home.

If you need to insure a holiday home, cottage, or a home you are away from for long periods of time, let your insurer know. They have policies that cover problems that happen to your home while you?re not there, which otherwise could be considered negligence, and you wouldn?t be able to claim.

Install smoke alarms in your home. It will not only help to protect your family in the case of a fire but it will also get you about a ten percent discount on your home insurance policy. Many newer homes already have them installed but if they are not, it is an affordable thing to add to your home.

If you have cash value insurance coverage on the contents of your house, you will be covered only for the current depreciated value of the items. If you want to be able to replace the items, you need replacement cost insurance. This typically costs about 10% more than cash value, but is worth every penny if something happens to you!

Following the advice and tips in the above article can make shopping for your home owners insurance an easier process. Be sure you have all of the coverage that you will need for your situation and if you ever find yourself in a place where you need to make a claim, you can be assured that your policy will cover most if not all circumstances that could occur in life.

Gaston Steadham is a professional relating to Atlanta Private Investigator

Source: http://globaldailychronicle.com/?p=221002

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