As most every homeowner is aware of, having insurance coverage is vital for many reasons. When shopping around for the best overage, you have so many options. To choose the right coverage at the right cost to you, you'll have to take some very important factors into consideration. Knowing how to protect yourself against possible disaster means gaining some insight and knowledge on coverage available, as well as how to receive possible discounts. Consider the following "Dos and Don'ts" when obtaining your homeowners insurance policy:
1. DO Protect Your Home and Your Belongings Against Damage
Even a basic homeowners insurance policy should protect you from damages to both the interior and exterior of your home. Whether your home has been damaged by a natural disaster such as a flood, hurricane or tornado, or due to a fire or vandalism, without the right coverage you could be responsible for a great deal of expense. This is especially important for extensive damage that requires major home repairs or even a complete rebuilding of the structure. However, you should note that some basic homeowners insurance policies will not cover damage due to hurricanes or floods. Be sure to read the fine print carefully, and upgrade as you see fit.
You will also most likely be covered for loss or damage to your belongings. Items such as expensive electronics and appliances, as well as clothing and collectibles may be covered. It's up to you to decide on whether to insure expensive jewelry or keep them safely stored in a vault or inside a safe deposit box at the bank. You might also insure expensive furs or store them away at a repository.
2. DON'T Put Yourself at Risk For Liability Due to Injury on Your Property
What would happen if an individual became injured on your property or while inside your home? What if your dog bit someone, resulting in an injury that required medical treatment? You could face liability from an impending lawsuit. This is a good reason to consider liability coverage.
Your liability coverage would mean the insurance company would pay medical expenses to a specified amount or percentage. You might have the option of choosing anywhere from $100,000 worth of coverage in medical expenses to double or triple that amount. The choice of the premium is up to you. An umbrella insurance policy will give you an even higher level of security, so you might want to inquire about this from your insurer as well.
3. DO Know How to Receive Discounts or Lower Your Premiums
You're probably aware that raising your deductible will most likely lower your premium, although you will be liable for more out-of-pocket expense. If this does not seem like a suitable option for you, there are other ways to lower your premium more realistically. Simply reinforce your home by creating a more safe and secure environment. Install top notch security features, such as a high quality fire and burglar alarm system. Seal your patio decks and be sure your roof has been reinforced as well. You might also want to install safety reinforced hurricane-resistant windows and doors.
Also, in quire about discounts and incentives from your insurer. Seniors may be entitled to a discount, as well as military personnel. Loyalty programs may also be offered, for clients who have never filed a claim after a period of time. It's worth inquiring about if you want to lower your premium. Another way to lower the premium is by bundled your other coverage into one policy. Consider moving your auto insurance to your homeowner's insurance company. In such a case you may be entitled to a discount. Also, ask about discounts for paying a premium in full rather than making monthly payments.