Insurance — Homeowner and Renter’s

Consumers may be able to save hundreds of dollars annually on homeowners coverage by exploring the options. The following tips can also lead to insurance savings. Raising your deductible by a few hundred dollars can make a big difference in your rates. Ask your insurance agent if you can get a discount on your premium if your home has safety amenities such as dead-bolt locks, smoke detectors, burglar alarms, storm shutters, or fire-retardant roofing. Long-term customers or individuals over age 55 might also be eligible for discounts. Make sure to subtract the value of the land from the total property value so that you are only insuring the home itself. Before purchasing a policy, make a list of what you want your policy to include, and check with the agent to ensure that a policy carries the right scope and amount of coverage. Make sure you purchase enough coverage to replace the belongings that are covered under the policy. While an “Actual Cash Value” policy is less expensive, it only pays what the property is worth at the time of the loss — the cost minus depreciation for age and wear. Ask about special kinds of coverage for items such as computers, jewelry, art, antiques, musical instruments, and other high-value or heirloom items. Keep in mind that flood and earthquake damage are not covered under a standard homeowners policy, and consider purchasing a separate earthquake policy if you live in a region where seismic activity occurs. And finally, if you are a renter, purchase a separate renter’s policy, as the landlord’s own policy likely does not cover your personal possessions. | Read More