Homeowner's Insurance
"People who live in glass houses should take out insurance." - Unknown Source
Don't Be Under Insured: Think that being robbed is bad? Wait till you see what your insurance company does. One day my wife and I came home from work to find that we'd been robbed. Mostly electronics and jewelry. We thought that we were covered. But when we made our claim, we only got a tiny bit of what was lost. Why? Because they said that we didn't have proof of what was stolen and also didn't have replacement value insurance. So if you don't want to get ripped off twice, take pictures of your valuables, keep receipts and check your insurance coverage. You may think you're in good hands but don't wait until you try to collect on a claim to find out for sure. Eric from Dollar Stretcher Tips
Homeowner's insurance is a type of coverage that pays for the damage or loss of your home and personal property due to perils such as fire, theft, vandalism, or natural disasters. It can also protect you from liability claims if someone gets injured on your property or you cause damage to someone else's property. Here are some ways to save money on homeowner's insurance according to different sources:
- **Shop around for homeowner's insurance**. You may have options to buy homeowner's insurance from different providers, such as your mortgage lender, a local agent, a national company, or an online broker. You should compare the rates, coverages, deductibles, discounts, and customer service of different plans and choose the one that best suits your needs and budget.
- **Increase your deductible**. A deductible is the amount of money you have to pay out of pocket before your insurance pays for a claim. Choosing a higher deductible can lower your premium, but it also means you will have to pay more if you have a loss. You should choose a deductible that you can afford to pay in case of an emergency.
- **Make your home more secure**. You can reduce your premium by installing security devices and systems that can deter burglars and prevent damage from fire or water. For example, you can install smoke detectors, fire extinguishers, deadbolt locks, burglar alarms, sprinkler systems, storm shutters, and water sensors. Some insurers may offer discounts for these safety features or require them for certain types of coverage.
- **Skip small claims**. You may be tempted to file a claim with your insurer even when something relatively minor happens. However, you may be better off in the long run if you pay out of pocket for these smaller expenses — some insurers offer discounts if you remain claim-free for a certain period of time, usually a few years. Filing too many claims can also increase your premium or make you ineligible for renewal.
- **Ask about lesser-known discounts**. You may be eligible for various discounts on your homeowner's insurance depending on your personal characteristics, lifestyle habits, payment methods, or other factors. For example, you may get a lower rate if you are a senior citizen, a nonsmoker, a loyal customer, a paperless biller, an auto-pay user, or a member of a certain group or organization. You should ask your insurer about any discounts that may apply to you.
- **Account for home improvements**. You can save money by making some improvements to your home that can increase its value, reduce its risk, or lower its reconstruction cost. For example, you can update your plumbing, electrical, heating, or cooling systems; replace your roof; install energy-efficient appliances; add fire-resistant materials; or use smart home devices. Some insurers may offer discounts for these home improvements or require them for certain types of coverage.
- **Bundle your auto and home insurance**. You can save money by buying your auto and home insurance from the same provider and combining them into one policy. This can give you a discount on both premiums and simplify your billing and claims process. You should compare the benefits and costs of bundling versus buying separate policies from different providers.
- **Build your credit score**. Your credit score can affect your homeowner's insurance premium in some states. Insurers may use your credit score as an indicator of how likely you are to file a claim or pay your premium on time. If you have a good credit score, you may get a lower rate than someone with a poor credit score. You can improve your credit score by paying your bills on time, keeping your credit card balances low, and checking your credit report for errors.
- **Review your policy annually**. Your homeowner's insurance needs and circumstances may change over time due to life events such as moving, remodeling, adding or removing contents, filing a claim, or changing insurers. You should review your policy at least once a year and make any adjustments that reflect your current situation. You may be able to lower your premium by reducing your coverage amount, changing your deductible, dropping unnecessary riders, or switching to a different provider.
Keep receipts and photos off premises of all unusual or expensive items. Buy additional insurance for what is not covered like collectibles
Every year take photos or videos of your entire house too all at once or room by room. Open drawers and doors to show items inside
The videos and photos after loss... make a journal of names, dates ,activities in the claim process. Document all damage in writing with receipts.
Protect your property from further damage ... the additional damage will not be covered
Make sure you have enough coverage. Check coverage limits. Make sure you can rebuild your house for the specified amount if not raise your limits. Get a 3rd party appraiser to convince the insurance to raise coverage. Use appraiser approve by insurance.
Don't make a claim unless you have a major loss
Invoke the appraisal clause on your contract and use an independent appraiser for the true value of your home to get a third party appraiser.
ARTICLES:
Climate Risk Report for Homes and Real Estate - Fire, Flood, Storm, Heat / ClimateCheck Inbox : ClimateCheck® ratings reflect hazard risk at a property relative to the rest of the contiguous United States. Ratings are based on projected 2050 risk and the change from historical risk.
A rating of 1 represents the lowest risk; 100 is the highest.
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11 Ways to Save on Homeowners Insurance | ConsumerAffairs. https://www.consumeraffairs.com/insurance/how-to-save-on-homeowners-insurance.html.
How to save money on your homeowners insurance | III. https://www.iii.org/article/how-to-save-money-on-your-homeowners-insurance.
6 ways to save money on your homeowners insurance. https://www.washingtonpost.com/business/2020/02/24/6-ways-save-money-your-homeowners-insurance/.
9 Ways to Save On Homeowners Insurance in 2023 - MarketWatch. https://www.marketwatch.com/guides/insurance-services/how-to-save-on-homeowners-insurance/.
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Best homeowners insurances according to Consumer Reports:
TIP: On homeowner's insurance choose a high deductible of $2,500 or more to save money and avoid filing claims on small amounts. Use it for catastrophic situations not for everyday claims.
TIP: (From Clark Howard And if at-Clark Howard: Advice You Can Trust. Money in Your Pocket ) Avoid filing small claims with the home owner's insurance because you run the risk of being drop by them no matter how many years you have been with them. And if they drop you word will get out and no other insurance will cover you. What you need to do:
1) Raise the deductible as high as you can, this will reduce your premiums and you will avoid making small claims.
2) If you have a real catastrophe then make a claim.
TIP: Home and renter's insurance do not cover flood and earthquake... you need to buy them separate/
More quotes:
"It's important to check your homeowners policy each year to make sure you have the proper coverage. Has the value of your home changed significantly? Would you have enough insurance if you had a fire? What about possessions? Did you add that new big screen TV to your inventory with a picture of the receipt and the model number tag? You get the idea. Just like you'd get an annual physical from your doctor, you should do an annual insurance physical." Ted from Dollar Stretcher Tips
Insurance Deductible Savings: Call your home and car insurance agent and see if you can lower your monthly premium by increasing your deductible amount. If you're like me, you set those amounts when you may not have had the savings built up that you do now. Just this month I increased my auto deductible from $100 to $1000 and my homeowner's deductible from $1000 to $5000. If something happens, I can cover those amounts with my savings, but if it costs over those amounts, I will have to decide if I want or need to make the claim. I saved $70 a month! That's $840 a year and I still have exactly the same coverage. Dolores from Dollar Stretcher Tips