As 2020 gets underway, now is a good time to review your home safety and insurance /policiesplans for the year.
Make sure this year that you make your home safety a priority, and also ensure that you get the most bang for the buck with your insurance coverage.
You can follow these tips:
Home security system
If you don’t have a home security system, you should seriously consider getting one to protect your hard-earned assets and home investment. The good news is that if you get one that is monitored by a central station, or that is tied directly to a local police station, you don’t only protect your home, as you may also receive a discount on your homeowner’s insurance premium.
Install additional smoke alarms
As with a home security system, you can also reduce your insurance premium by installing smoke alarms, not to mention saving your life in case of a fire. Installing them in older homes can shave 10% or more from your premiums. Also make sure to test all existing smoke alarms/detectors.
It’s a good time to check fire extinguishers and make sure you have enough of them throughout your home and garage.
Some insurance companies will also give further discounts if you install additional smoke detectors.
Raise your deductible
You can reduce your insurance premium by raising your deductible if you are confident you can absorb the cost of paying that out-of-pocket expense if you incur a claim.
Multiple policy discounts
Many insurance companies will extend a discount of 10% or more to policyholders that have multiple policies with the insurer (such as auto and homeowner’s). Ask us for a quote for other types of insurance from the company that writes your homeowner’s policy.
Plan wisely for expansion
If you plan to build an addition to the home or a structure adjacent to the home, like a gazebo, know that you’ll pay more for your insurance, depending on how it’s built. Wood-framed structures cost more to insure because they are flammable. If you go with cement or steel-framing, you’ll pay less since they are less susceptible to damage from fire and bad weather.
Pools and trampolines can have a significant impact on your insurance costs and add 10% or more to your premium. And be sure you discuss these with your agent. Same goes for dogs and pets; make sure your agent is aware.
Consider coverage type
If you purchase “guaranteed replacement value” homeowner’s insurance, your insurance will cover the entire cost of rebuilding your home after a covered calamity. Coverage limits on such a policy increase as the cost of construction and materials rises.
Make or update a home inventory
A comprehensive home inventory catalog allows your home and belongings to be recovered, rebuilt and replaced after a loss. While this won’t help you save on your premium, it will prepare you in case you have to file a claim. With a home inventory, you’ll know exactly what you have lost in a fire, for example.