1) Check how much insurance you need and your property's value.
For you to know how much insurance you need, it is best to know your home's actual value. Consult an assessment company or a home builder to help you do that. They can give you your property's real value. If your home becomes destroyed or damaged, it can replace the entire structure or the damaged portion.
2) Be aware of your risk factors as the basis of your premiums.
It is important to note that the premium has a basis on risks that include your home's location, its proximity to busy places and highways, your living habits and the neighborhood's crime rate. All the other things will be part of the assessment in factoring your premium. If there is a higher risk that something will happen to your house, get a higher premium rate for them to pay you for any damage.
3) Use and understand the things that will help you save money on your premiums
There may be a lot of risk factors that can increase your home insurance premium's cost. There are also a few ways that can help you save on your policy. Know these things to make your home safe so you can get discounts that can lower your premium rates.
The following are some examples:
1) Deadbolt locks
2) A well maintained and structured sidewalks, driveways, entrances, and stairs,
3) Fire sprinklers and alarms
4) A burglary alarm system for the home
5) A police department near your home
6) A fire department or fire hydrant near your home
7) Electrical system, wiring, and heating systems that are updated
4) Safely keep a list of the inventory of your possessions
The homeowner's insurance usually covers structure as well as the property of the owner. It is important that you are aware of the belongings’ exact value based on their purchase dates and receipts. You may go the extra mile and take pictures of the items on your list. Keep receipts for every newly purchased item to avoid the undervalue.
This list is critical so it should not get lost. We recommend that you maintain the list of other pertinent documents like important papers of family members, a copy of the mortgage and the insurance policy inside your bank's safety deposit box or in a fireproof safe.
5) Be aware of your exact coverage and the process of how to file claims
Something as complicated and important as an insurance policy may not always be simple to understand. However, it is important to know that you are covered. When you file a claim, you'll know what you need to do. You know who to converse with and what numbers to dial.
If there is something you don't understand about your policy, contact your agent and have them explain it to you. Also, understand that it is possible that you might need extra insurance. It is likely that you are not covered for things like earthquakes and floods in the standard insurance policy for homeowners.
If you need to file a claim, you may want to move fast so you can immediately get compensation for your property's damages. It is the reason why it is important that you know the process to get funds so you can pay for displacements that you will experience.
There are also some basic things that you should be aware of when home insurance is involved. Become familiar with your policy, so you are sure you are covered when you need it.
Inform us how we can help you. Western Pacific Insurance can adequately answer your questions that involve the homeowner's insurance policy. Visit our office or call us at 702-932-3105. Click here to get a free quote from us.