 Home Insurance
For many of us our home is
our most valuable possession. The time to think about the unthinkable disaster
is before it happens to you. If your home were damaged or destroyed, insurance
can help you repair or rebuild your home and replace damaged possessions.
The main purpose of insurance
is to protect you against losses you cannot afford. Few people have the financial
resources to rebuild their homes. In addition to protecting your home and possessions,
homeowners insurance also provides liability coverage to protect you from financial
ruin if someone is injured on your property and sues for damages.
A homeowners insurance policy
consists of coverage for your dwelling and your personal property. It also includes
liability insurance which pays for injuries to other people or damages to their
property accidentally caused by you, your family or your pets. You also can buy
several types of additional insurance for property that is not listed in your
homeowners policy or for perils not covered — such as flood — for
which you need a separate policy. You do this by either buying a separate policy
or by adding an endorsement or rider to your policy.
Tips for Keeping Your
Rates Low
There are some simple steps
you can take to reduce your homeowner’s premiums.
- Raise Your Deductible - A deductible is
the amount you pay before the insurance starts to pay for your loss. Since the
purpose of insurance is to pay for the losses you cannot afford, raise your deductible
to a limit that you could handle in case of a loss.
- New Home - If your home is less than 10
years old, you may be eligible for a new home discount.
- Make Your Home Safer - You may be eligible
for a discount if you have a burglar and fire alarms systems and/or sprinkler
systems. Monitored systems will earn a bigger discount than unmonitored systems.
- Construction Material - When you buy a
home, look for fire-resistant construction, such as brick, masonry or rock. You
may pay a lower premium for hail-resistant roofs, such as those made of concrete
tile, while wood roofs may bring a surcharge. Check the location of the nearest
fire department, and avoid buying in floodprone areas. Non-Smoker Discounts
Homeowners Insurance
Information and Tips
Flood Insurance Information and Tips
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