Posted on: 27 March 2017
If you are buying a home, you'll need to have home insurance. Consider it a financial investment, because you are protecting one of the most expensive purchases you'll ever make. Follow these tips to ensure you have the proper coverage.
Don't Insure The Land
When looking into different home insurance policies, you should pay close attention to what is being insured. Some insurance providers have policies that insure both the dwelling and the land that the dwelling is on. For most homeowners, insuring the land will not be necessary. When you have an incident that damages your home, it's unlikely that the land will be damaged as well. In addition, your mortgage lender will only be concerned about securing the dwelling, which is what they will require you to get insurance on when you have a mortgage.
Buy Coverage For Expensive Items
One part of insuring home is protecting the belongings inside it. It's common for a standard home insurance policy to have limitations on items that are high value, which include jewelry, artwork, or even equipment for small businesses. Look into getting coverage for these additional items to make sure that they are covered. If not, you could find insurance not willing to pay for replacement costs if they become damaged or stolen.
Know When You Need Flood Insurance
While flooding may be a concern to you, it may not actually necessary for your home. FEMA has created maps that designate certain areas as flood zones, and if your home is located in one of these zones, you should consider buying the additional flood coverage. Also, keep in mind that flood insurance only covers water that enters your home from the outside. Broken water pipes and sewer backups, while you may consider the damage caused by them a flood, actually need different types of coverage to insure your home for them.
Mention Security Features
Your insurance provider can give you a discount on your home insurance if you have certain security features that can stop someone from breaking in. For instance, an alarm system, deadbolts on all your doors, and bars on your windows. If you don't mention that you have these things, your insurance provider may not know to give you the discount.
Bundle Your Policies
It's very common for insurance providers to give a discount when you get several policies with them. Common bundles include both car and auto insurance, but also consider other policies, like life insurance, if they can give you significant savings.Share