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Homeowners Insurance: Money Saving Tips
Most lenders require you to have homeowners insurance. But just because it is required does not mean that all policies cost the same amount. There are several ways you can save money on your homeowners insurance. Wouldn’t you rather put the money you’ve saved into your home? Here are some tips to save money on your homeowners insurance.
Look For Multi-Policy Insurance
Most insurance companies that sell insurance products other than homeowners insurance will offer consumers discounts for buying more than one product from them. For example, if your auto insurance company also sells homeowners insurance, you might get a discount of up to 15% off your premium for buying both products.
Only Buy The Homeowners Coverage You Need
Homeowners insurance policy limits should be revisited every year to reevaluate any major purchases and additions. On the other hand, many of the possessions that homeowners insure depreciate significantly over the course of a year. Homeowners should update their home inventory, and reevaluate policy limits for possible savings.
Further, homeowners shouldn't spend money for coverage they don't need. For example, if you don't live in a flood-prone area, you may not need costly flood insurance.
Consider Raising Your Deductible
Increasing your deductible by just a few hundred dollars can make a significant difference to your premium. Most deductibles start at $250; therefore, if you raise your deductible from that to $1,000, you may to save nearly 25% on your premium.
Look For Discounts That May Apply To You
There are a myriad of homeowners discounts that go unrecognized by many consumers. For example, even though they seem ordinary, you may be able get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire retardant roofing material.
Other common homeowners insurance discounts include:
• A new home's electrical, heating and plumbing systems and overall structure are likely to be in better shape than those of an older home; therefore new homes are usually charged lower rates than older homes in the same price range.
• Seniors often enjoy discounts on their homeowners insurance if they are over 55 and retired, or if they've been a long-term customer.
• Strong home security in the form of security systems, alarms, gated communities, double locks on both doors, etc. often afford you lower rates.
• Non-smokers usually get reduced rates on their homeowners insurance policy. If you were a smoker when you bought your house, but have subsequently quit, many insurers may lower your rates. Smoking accounts for over 20,000 residential fires in the U.S. a year, so insurers often charge lower premiums to smoke-free households.
Insure Your House, Not the Land Under It
Consumers often overpay for homeowners insurance by including the value of the land that their home resides on. Remember that you only need to insure the home itself and your possessions, not the land. Should something unfortunate occur, the land will most likely remain. If you do not subtract the value of the land when deciding how much homeowners insurance to buy, you will most likely pay more than you should.
New Pool or Dog? Make Sure To Adjust Your Homeowners Insurance!
When you are filling out your application for Homeowners insurance, it will most likely specifically ask you if there are certain known risks at your home, such as a pool or a dog. Due to increased liability that an insurance company takes on by insuring homes that contain these items, there is a chance your rates will be higher if you own them. However, it is very important that you are honest with your insurance company or agent if you have a pool or dog, as if you have a claim that results from one of these items that was not disclosed to your company or agent, the claim will most likely be denied. Not only does that mean you will have to pay any financial obligations caused by the claim yourself, but it also could mean that your insurance company could subsequently drop you for providing them with false information.
If you purchase a dog or pool after you already have homeowners insurance, make sure you notify your company or agent of this new addition. Again, a claim resulting from one of these items is likely to be denied if you do not. Many companies will not raise your rates, while others may. If your company states that your rates will be increasing dramatically due to your new purchase, it’s probably a good time to shop around for new coverage. Rates can vary by hundreds of dollars between carriers, and extra charges for dogs and pools can also differ dramatically from company to company.
Dogs
According to the Centers for Disease Control and Prevention, there are approximately 4.7 million dog bites per year, costing the insurance industry hundreds of millions of dollars. Homeowners and renters insurance policies typically cover dog bite liability, as long as your dog is disclosed to your insurance company. Insurers may charge more or even deny your application if you own specific types of dogs. These are determined by the frequency of dog bites for the breed, whether they are large dogs that can inflict a lot of damage, and the breed’s general reputation. Some of the breeds that raise red flags for insurers are Pit Bulls, Rottweilers, German Shepherds, Siberian Huskies, Malamutes, Doberman Pinschers, Chow Chows, Great Danes, Saint Bernards, and Wolf Hybrids.
Swimming Pools
Every year, approximately 43,000 people are injured in and around swimming pools, and nearly 300 people drown in backyard pools. These statistics equate to a greater liability for insurance companies if you own a pool. However, most companies will still cover you if you own a pool (as long as this fact is disclosed), and many will not even raise your rates. On the other hand, you the homeowner might want to consider increasing the liability coverage on your homeowners insurance policy above the standard $100,000 if you own a pool.
Many companies will reward you by not raising your rates if you have safety features such as a locking gate around your pool. Others may not want to insure your home if your pool has features such as diving board or slide. Again, make sure to shop around, as these factors vary widely from insurance company to insurance company.
Automotive Spring Tune-ups: Save Gas and Prevent Accidents
Just like your home needs a spring cleaning, your car may need the same attention with a seasonal tune-up. Cars take a lot of abuse in the winter with rain, snow, ice and extremely cold weather. Performing a tune-up before summer will give you a safer, more reliable car, and even help you squeeze a few more miles out of each gallon of gasoline.
Gas prices are hitting record highs. While we can't do anything about the actual price of gas, we can keep our cars running efficiently to maximize the distance we get out of every gallon. Some mechanics estimate that a poorly tuned engine can use up to 50 percent more gas than one that is running well. In fact, according to the National Car Care Council (carcare.org), if you combine under-inflated tires, a dirty air filter, worn spark plugs, a worn oxygen sensor, dirty oil, and a loose gas cap, you could be loosing up to 11.4 miles per gallon of gas.
Condition Effect MPG Penalty
Under-inflated Tires Increase rolling resistance 1-2 mpg
Dirty Air Filter Causes excessively rich fuel/air mixture 2.0 mpg
Worn Spark Plugs Cause inefficient combustion, wasted fuel 2.0 mpg
Worn Oxygen Sensor Unable to detect and adjust air/fuel mixture 3.0 mpg
Dirty or Substandard Engine Oil Increases internal engine friction .4 mpg
Loose Gas Cap Allows fuel to evaporate 2.0 mpg
Potential loss in fuel economy if all of the above are neglected: 11.4 mpg
Source: National Car Care Council (carcare.org)
If you are unable to take your car to a reputable mechanic, you should at the very least check your car's fluids, belts and hoses, and tires. In regards to your car's fluids, you should inspect your oil, antifreeze, brake, transmission, and power steering fluid levels. Check your engine's hoses and belts for wear and tear as they can affect the electrical system, air conditioning, power steering, and the engine's cooling system. Car tires should be inspected regularly for proper inflation and tread wear. The steering alignment may need adjustment if your tires have uneven tread wear. If you notice bald spots and bulges, you need to have your tires replaced immediately.
The most valuable benefit of a car maintenance check-up is that it may prevent you from getting in an accident. The National Car Care Council reports that vehicle maintenance negligence is responsible for more than 2,600 deaths and nearly 100,000 disabling injuries every year in the United States.
Now is the time to make sure your car was not damaged by last winter's weather conditions and weekend ski trips up to the mountains. You'll be safer, you'll save money on gas, and your car will be reliable when you take your next summer vacation road trip.
Boat Owners
I own a boat that I use for fishing and water-skiing. Does my homeowners insurance policy provide coverage for my boat?
Most homeowners insurance policies offer very limited or no coverage for physical damage losses or liability claims that arise from the negligent ownership or operation of a pleasure boat. For these reasons, individuals usually need to buy a separate policy to provide physical damage and liability coverage for boats. Insurance for pleasure and recreation boats is available from many private insurance companies. A boat owners package policy combines a number of coverages into one policy and should cover most losses that could arise out of either the ownership or operation of a pleasure boat. Another package policy, personal yacht insurance, is designed for larger boats such as cabin cruisers, houseboats, and large sailboats.
What coverages are provided in the typical boat owners package policy?
Before we discuss the contents of a typical boat owners package, it should be noted that these contracts can vary substantially from one insurance company to another. Therefore, when you are comparison shopping, be sure that you understand what coverages the insurance company is offering in its policy. That being said, there are a number of common coverages that are provided in most boat owners insurance policies. First, most policies offer coverage for physical damage losses to the boat, typically on an all-risks basis. Second, most policies offer liability coverage for any damages arising out of the negligent ownership or operation of the covered boat. Third, most policies provide coverage for medical expenses incurred by the driver and passengers involved in a boating accident. Finally, some boat owners policies provide an uninsured boaters coverage that is very similar to the uninsured motorist coverage included in the private passenger automobile insurance policy.
What coverages are provided in the typical personal yacht insurance package?
Like the boat owners policies, the coverages included in personal yacht insurance policies vary substantially from one company to the next. However, most personal yacht insurance policies have at least two coverages: physical damage to the hull, and protection and indemnity (P&I) coverage. The physical damage to the hull coverage provides protection against losses or damage to the boat itself, including the masts, spears, furniture and any other fixtures on the craft. The coverage can be written on an all risks or named perils basis. The P&I - protection and indemnity - coverage is similar to the personal liability coverage in the standard homeowners insurance policy. It provides liability protection against lawsuits due to the negligent operation or ownership of the yacht.
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For more information, please Call us at 1-561-685-6950 or fill the Contact form.
Para informaciones en Español o Portugues, llamenos al 1-561-685-6950 o llene la forma dando click a seguir Forma de Contacto .