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Posted by Royal Sundaram on 15 Mar 2010
Home insurance is a basic term for two different types of insurance policies.
Home Insurance: This policy covers the structure of your home, in case it is damaged or destroyed due to any natural or man-made disaster.
Home Contents Insurance: This policy will protect your valuables and other household objects.
It is important to buy a standard coverage which takes into consideration all factors in the home.
Home insurance usually cover the physical building and materials used for building the house. When you purchase a home insurance policy, make sure that it will cover your home structure.
You should also consider the items in your home, like expensive electronics, furniture, valuable books etc. Make sure they are adequately protected by purchasing a deal that provides home content cover. This also should be included in the policy you are buying.
Here are some tips to reduce you home insurance premiums.
1. Use security devices to increase security:
Try to install some security devices in your home like smoke detectors, dead bolt locks, fire extinguishers, fire alarms etc. If you have any one or two installed in your house, ask for the discount.
2. Maintain your credit score as high as possible:
Home Insurance companies are using your credit score as an indicator of responsibility. The theory is the more responsible the individual the less claims they will have. So, insurance companies are giving lower rates to those individuals with a better credit score.
3. Combine your car insurance with home insurance:
Most insurance companies offer discounts for taking your car insurance with the home insurance. It may sometimes save you up to 30% on your total insurance bill. Also, you get convenience of having one agent for both your home and car insurances.
4. Maintain you home well:
Most insurance companies offer discounts for keeping your home in good repair. They will offer savings for a new roof, electrical, HVAC, plumbing updates.
5. Make sure you insured your home for the correct amount:
Find out what is the new home construction cost per square foot and multiply it with your square footage. That is the amount your home should be insured for. Companies will not pay more than what it is going to cost to rebuild the home anyway, so make sure you are insured correctly.
6. Stay away from low deductibles:
The deductible is your portion of the claim that must be paid before the insurance company pays for the claim. The lower your deductible, the higher your premium will be. Increasing your deductible from $500 to $1000 can save up to 20% in your premium. Remember you should never raise your deductible to a level that you could not afford to pay.
7. Ask your agent the discounts you qualify for:
Ask your insurance agent to make sure that you are receiving 100% of the home insurance discounts that you qualify for. Some insurance companies have discounts that others do not. Some offer discounts that most would never dream as being a discount such as 55 and retired, non smoking, military service, law enforcement, single parent discounts, etc.
8. Purchase insurance online:
Try to collect as many online quotes as possible and compare them to get the best rate. Also make sure that you are purchasing home insurance from a reputed insurance company with good track record, like Royalsundaram.
If you are looking for reliable Home Insurance Company with a clean track record of past success check out our Affordable Home Insurance Policies.
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