3 Tips For Saving Money On Your Homeowners Insurance Policy

You never want to allow the price of an insurance policy to prevent you from paying it. However, you might want to do whatever you can to reduce the cost of it in order to make keeping up with the payments a little easier to do. To help you do that, you will want to check out the following money saving tips.

1. Combine All Of Your Insurance Policies

Many people will find themselves with not just a homeowners insurance policy, but a policy for their vehicles and their life. Instead of having all of these policies through various companies, you might want to consider using just one company. Not only is this a very convenient way to keep everything in order, but it might save you some money. This is because there are now a lot of insurance companies that are offering multi-policy discounts. The more business you bring to them, the more money you will save.

2. Keep The House Siding In Great Condition

The siding of the house is a problem for a lot of people when it comes to keeping their insurance rates down. The reason for this is that damaged or neglected house siding can lead to more expensive problems when a major storm comes through the area. These are usually problems that people will turn to the insurance company to cover. Even the smallest piece of missing siding can lead to the entire side of your house losing its siding if strong winds are able to get behind all of it and lift it off of the house. Therefore, many insurance companies will either raise your premiums or threaten to cancel your policy altogether if you have damaged or poorly maintained siding. They do not want to be forced to pay for a problem that was ultimately created by lack of upkeep to the siding. It is because of this that you want to make sure that you are doing everything you can to keep your siding in perfect shape. Keep it intact, replace missing pieces, and keep it free of paint chips.

3. Install A Fire Alarm System

The quicker everyone is able to safely get out of the home and the sooner the fire department is able to reach you, the better. This is why it is so important to make sure that you have installed a fire alarm system. Your insurance company will be glad that you did. After all, the more you can protect yourself and the structure, the less they would have to pay out in the event you have to file a claim. Just make sure that you are asking what kind of proof is needed for the insurance company to see that you do indeed have a fire alarm system in place.

With those few things in mind, you should have no trouble making sure that you are able to save some money on your homeowners insurance policy. Visit McHugh Insurance for more information.

Home Insurance: Features That May Cause Your Premiums To Skyrocket

Whether you are out on the market for a new home or you are simply thinking about getting an outdoor activity for your children, you will want to make sure that you consider the features that could cause you to pay extra in your homeowners insurance premiums. Here are three desirable home features that could cause you to go into shock when you see the insurance price tag for them:

1. Swimming Pool

Swimming pools are one of the largest liabilities for insurance companies. This is due to the high risk of injuries and deaths in the water. For example, if a kid in the neighborhood accidentally fell into your pool and drowned or suffered a severe injury, you could be held accountable and may be responsible for their medical expenses. If the parents of that child decide to sue you, then you are looking at significant legal costs.

According to the Insurance Information Institute, most standard policies for homeowners insurance will include liability coverage of at least $100,000. This can help you in the event that you are sued, but the III recommends increasing the liability coverage to a minimum of $300,000 (and up to around $500,000) if you own a swimming pool. Some insurance companies, before they will provide insurance to you, may require that you build a fence around the pool, built with a self-locking mechanism to keep children and other individuals away from the area.

2. Trampoline

Owning a trampoline is another high-risk feature that can cause your monthly premiums to skyrocket. Sure, your kids may enjoy bouncing around on it, but your insurance company won’t be as thrilled. According to a 2014 article in USA Today, there are roughly one million visits to the Emergency Room (ER) every single year due to trampoline-related injuries and accidents. Out of those one million visits, almost 300,000 were due to broken bones and fractures. Some states and carriers even exclude trampoline-related claims from insurance policies altogether, which means you would be responsible for any medical expenses, legal costs, etc. if someone is injured and decides to pursue a legal claim against you.

3. Vintage, Historic Charm

Some people purchase old Victorian homes for their vintage and historic charm. They choose to live in these while they are upgrading them. Even if they home looks like it has been well-reserved, the chances are that there are some prime features inside the home, including the electrical and plumbing, which definitely need to be upgraded. If these features are 10 years old or more, then you could see an increase in premiums.  

These three things should not keep you from buying the home of your dreams or even having an in-ground swimming pool installed. However, you do need to make sure that you are aware that these features may carry higher insurance premiums and a higher risk. Talk to your insurance agent if you have any concerns. For more information, contact a company like Mid-Alliance Insurance Associates LLC.

3 Surprising Ways Your Homeowners Insurance Policy May Protect Your Home And Family

When you think of homeowners insurance claims, you likely think of fires, floods, and large storms. However, you may be surprised to learn that there are many other ways in which your homeowner’s insurance policy may protect you and your family from losses.

Below are three surprising ways that your damages may be covered by your homeowners insurance policy:

University Dorm Room Theft

If your son or daughter is the victim of theft when they are living in on-campus housing while away at college, then your homeowners insurance policy will likely cover their losses. It is important to note that while dorm rooms are considered to be an extension to your own home for insurance purposes, this is not the case for off-campus living spaces. If they rent a room or an apartment off campus, then your kids will need their own renters insurance policy to be covered.

Animal Bite Liability

If one of your family pets bites a visitor to your home, then your home insurance policy will cover your losses for medical bills or any lawsuit that may ensue. For this reason, you should always contact your insurance agent when your family adopts a new pet to ensure that your liability is covered. Also, some breeds of dogs are excluded from homeowners insurance policies, such as:

  • Doberman pinchers
  • German shepherds
  • Pit bulls
  • Rottweilers

Also, any wolf-mix breeds are also excluded from coverage due to the fact that they are not considered to be domesticated animals.

Spoiled Food

If your power is out for an extended period of time and your food spoils, then you can file a claim with your homeowners insurance company. Some foods and drinks covered include:

  • spoiled frozen foods
  • spoiled meats
  • wine collections

Additionally, if you use expensive cooking ingredients that are damaged by a lack of refrigeration, then those foods are covered as well.

Conclusion

While a disaster is never something you want to spend time thinking about, it is important to meet with your insurance agent each year to discuss your coverage options in the case that disaster strikes your home or family. As the years pass, your insurance needs will change. Simple actions such as a new pet or having your kids leave for college can easily change your insurance needs.

If you have additional questions about your specific homeowners insurance policy and the items it covers, then you should contact your insurance agent as soon as possible.

Things You Can Do To Lower Your Homeowner’s Insurance Rates

It’s very important for you to keep a homeowners insurance policy for your home. You never know when trouble may strike and you will need to put in an insurance claim. Homeowners insurance will generally cover such things as theft, fire, windstorms and hail damages. You want to do what you can to make sure you are getting a good price on your insurance since it is a bill you are going to be paying regularly. The tips in this article will help you to understand things you can do to ensure you are getting good rates on your policy.

Go with a higher deductible

By going with a higher deductible, you will be lowering the amount of your regular payments. However, if you do increase your deductible, then it is a good idea to make sure you have money set aside to cover your deductible in case something does happen.

Pay for the policy up front

If you pay the policy up front, rather than paying it monthly, most insurance companies will give you a discount. Also, going paperless can bring the cost down a little.

Go for multiple policy discounts

It’s always a good idea to try to get your insurance policies from the same company so you can enjoy the discounts. You may be able to find a company to supply you with your home owners insurance, car insurance and even life insurance.

Make improvements to your home

The more you do to protect your home from disasters, the better rate you will get for your home owners insurance. Installing a home security system, updating outdated electricity and plumbing and replacing your roof with a more fire resistant roof are a few examples of the things you can do.

Establish a long relationship with your carrier

Many home insurance companies will offer their policy holders discounts for having their policy for a long time. Check with your carrier and see when you may be eligible for this type of discount.

Make necessary changes to your policy

If you are like most people, things will change in your life and around your house each year. You want to make sure that your homeowners insurance carrier is working with updated information. Therefore, report when you make improvements to your property or when your items decrease in value.

By following the tips in this article, you will be able to save money on your homeowners insurance policy.