Buy the Right Amount of Insurance
Your homeowners insurance policy includes coverage for:
* Your home
* Your personal property
* Your assets
Your home - For your home, you need enough insurance to pay for rebuilding your home at current construction costs. To estimate this amount, multiply the square footage of your home by the building cost per square foot in your neighborhood. Do not include the cost of your land as you figure out your property coverage limit.
Your personal property - Your personal property limit is usually half of the property limit. To determine if this is enough, list everything you own and how much it would cost to replace. Also note that some types of personal property, such as jewelry, silverware, or computers, are only covered up to specified limits. Ask your insurance professional what types of personal property have specific limits so you can buy more coverage for these items if you need it.
Your assets - Personal liability coverage protects you if someone is injured while on your property. You should have enough liability insurance to protect your assets - savings accounts, CDs, stocks, bonds, etc.
Get the Discounts You Deserve
Insurance companies typically offer numerous discounts that will lower your insurance bill. Common homeowner discounts include:
* Non-smoker and senior citizen discounts. * Discounts for safety features such as alarm systems, smoke detectors, and deadbolts.
* Discounts for placing your homeowners and auto insurance with the same company.
Ask your insurance professional about these and any other discounts you qualify for.
Raise Your Deductible
The deductible is the amount you pay out of pocket before the insurance company begins to pay. The higher your deductible, the lower your premium, so set your deductible as high as you can afford.
Shop Around
You can save a lot of money on your homeowners insurance by comparing rates on an insurance comparison website. You type in your insurance information and multiple A-rated insurance companies send you quotes.
On the best insurance comparison websites you can even talk with insurance professionals and get more advice on homeowners insurance and how to save money on your homeowners premium (see link below)."
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