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Home Insurance Tips & Basics
Posted on Tuesday, November 01 @ 13:49:54 MSK
Topic: Insurance | When you purchase a home, you must protect your investment. Home insurance - also known as homeowners insurance - is a form of financial defense against a wide range of potential catastrophes. Here is home insurance tips and home insurance basics.
Home Insurance Tips
Getting adequate insurance is a good first step to protecting your home. But ultimately, the best protection is prevention. There are steps you can take to help you avoid ever having to make an insurance claim - the following tips can get you started.
Safeguard your home
Take action to make your home theft-resistant. "Case" your home as if you were a burglar.
Burglars look for easy targets - make sure your home isn't one of them.
- Install exterior lights that are out of reach and triggered by motion.
- Trim trees and shrubs near doors and windows.
- Don't hide house keys outside - burglars know where to look.
- Consider investing in a security system. Not only does this make your home safer, it can lower your home insurance premiums.
When you're on vacation:
- Have mail and newspapers picked up.
- Leave blinds in normal positions.
- Arrange to have your lawn mowed or your driveway shoveled.
- Tell police and neighbors that you will be away and ask them to watch your home.
Be a responsible dog owner
The numbers speak for themselves: According to the Center for Disease Control and Prevention, 40% of Americans homes have a dog. There are 4 million dog bites per year, and dog bites create 33% of all homeowner liability claims - resulting in more than $1 billion in claims per year.
Consider these tips to avoid having a claim brought against you:
- Pick a dog breed that's covered by your homeowners insurance. Ask your insurance agent for details.
- Have your dog spayed or neutered.
- Train your dog.
- Keep your dog on a leash when walking.
Protect your home business
Home businesses are generally not covered under your homeowners insurance policy. You may have only limited property coverage and no liability coverage for your business under your homeowners policy. Research coverage for property and equipment damage or theft, loss of income, and general liability for customer and supplier injuries.
Cover your domestic help
Check with your state's Department of Insurance regarding whether you need a workers' compensation policy for your housekeeper, gardener, nanny, cook, or other domestic employees.
In addition, if someone occasionally runs errands for you and drives your car, have that driver listed on your auto insurance. Confirm that you have adequate liability and medical coverage on your homeowners insurance policy. Consider purchasing a personal umbrella
policy.
Review your coverage annually
Your homeowners insurance should accurately reflect your home's current value, condition and improvements. Check your policy annually and review your specific coverages so you'll be able to make the necessary adjustments to fully protect your
home.
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Home Insurance Basics
Protection for your house
The most obvious thing homeowners insurance protects is the structure of the home itself. If your home is damaged - or worse yet, destroyed - your homeowners policy will give you the resources you need to recover. You should be able to replace everything that was lost, and rebuild anything that was damaged.
In addition, if your house becomes unlivable due to something that is covered by your policy, your policy will cover additional living expenses that will help you get back on your feet. This usually includes hotel or restaurant bills, up to a specific dollar amount or percentage of coverage.
Protection for your personal property
Homeowners insurance covers the contents of your home like furniture, clothing, and appliances. Your homeowners insurance policy defines exactly what is - and what is not - covered as personal property. It also includes the specific dollar amounts of coverage for specific items.
It's a good idea to take photographs of your possessions - even videotape them - so you can refer to them in the event of damage or loss. Keep these photos/videos in a safe place, outside of your home. For more information, read our article about making a home inventory checklist .
You may need additional insurance to cover valuable items like jewelry, artwork, furs, silverware, or computer systems, so make sure you know your policy coverage and limits.
Defense against disasters
Both floods and earthquakes are excluded under basic homeowners insurance policies, but are available in most areas for an additional premium. Rates vary depending on the location of the home, and whether the area is prone to earthquakes or floods.
Protection against liability
Your home insurance will cover you and your family from legal liability for negligence if someone is injured or someone else's personal property is damaged.
For example, if someone slips and falls on your stairway, your homeowners insurance will pay the medical bills and legal costs that could be incurred for any injuries sustained by that person.
In many cases, liability coverage will also cover injuries and damages that are caused by your pets, even away from your residence. If your dog bites someone, it's probably covered by your homeowners insurance.
Protection before and after remodeling
If you're about to embark on a remodeling project, now is a good time to review your homeowners insurance policy. You'll want to have adequate replacement coverage for any improvements you're making - both during and after the period of construction.
In addition, you need to make sure you have adequate liability coverage during remodeling, in case someone on your property is injured during that time. If a contractor is doing work on your property, ask for a certificate of insurance that shows the firm's workers' compensation, general liability, and automobile insurance.
Meet your lender's requirements
Mortgage lenders require their customers to have homeowners insurance. If you're purchasing a home, you will need to provide proof of insurance at the time of closing.
How much do I need?
When deciding how much home insurance coverage you need, factor in how much it would cost to rebuild your home and replace its contents if they were destroyed, and adjust that amount for inflation as time passes.
How much does it cost, and how can I get it?
Homeowners insurance premiums are determined based on an individual homeowner's needs. The location of the home, the cost of its construction, and the replacement value of personal property inside the home will all affect the
premium.
You can add additional endorsements to your individual homeowners policy to increase coverage for specific types of property, such as jewelry, furs, fine arts, and antiques. Increasing your insurance coverage amounts will generally result in a higher
premium.
Consider adding security features like burglar alarms and smoke detectors - these items may make you eligible for discounts. |
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