Is there a Need Homeowner's Insurance?

Homeowners insurance might one of those required items you need to have for your peace of mind and that of your mortgage company but there are many ways you can have all the cover you need but reduce the weekly insurance costs. We would all like to use this insurance premium more constructively thus by saving a few dollars we can put this back into things we need around the house.

Most insurance companies that retail insurance plans, other than householders insurance, will recommend individuals look over other types of policies they have. Two or more policies arranged this way can produce discounts of fifteen percent or more which can add up to a considerable saving over the course of a year.

You must also not forget to add any new expensive items to your homeowners insurance each year to guarantee continued coverage but some items will also depreciate as well, especially electronic goods. Another overlooked area is that of having too much insurance which happens when people either have insurance cover for things they do not own or where the item is already insured via another policy.

As many items claimed on householders insurance are quite low in value, a simple way to reduce your monthly premium is to increase the deductible that has been set from say 250 to 1,000 dollars. Many householders forget that other insurance savings can be made just by fitting a smoke detector and some additional locks on the windows and doors, plus things like roofing material that retards flames and even storm shutters.

Safety regulations on new homes are much stricter and most of these items will be standard so your policy payments should reflect this. People over the age of 55 will also receive insurance premium reductions and in particular if they are long term customers. Gated communities, security locks on doors and windows etc. regularly present you with lower payments.

If you have been a smoker for a long time then you will have noticed that your Homeowners insurance premium has been higher but if you have stopped smoking, a reduction is normally due thus do not forget to inform the insurer. The number of fires caused by cigarettes in the USA is over 20,000 per year therefore you can see why non-smokers can receive preferential rates.

People regularly overpay for homeowners insurance by adding the value of the land that their home resides on so remember that you only need to cover the house itself and your property, not the land. The land is more often not going to survive any problems so does not need to be insured.