Whether you own a home or a condo, are a landlord, or rent your place of residence, you need to ensure that your assets are protected; however, like many others, you probably live a very busy life, and there are dozens of things you’d rather do than read about homeowners insurance. Fear not; outlined below is a quick, helpful breakdown of the types of insurance coverage available to homeowners.
Types of Homeowners Insurance
- Home/apartment rental insurance: Provides coverage as a result of fire, theft, vandalism, water damage, as well as numerous other perils to protect a long list of household goods.
- Storm damage insurance: Provides coverage as a result of thunderstorms, windstorms, hail, and other acts of nature.
- Landslide insurance: Provides coverage as a result of winter weather or new construction causing earth movement that damages your home.
- Flood damage insurance: Provides coverage as a result of rain, hurricanes, and thunderstorms.
Regardless of the type of coverage you select, the ultimate size of your policy, as well as your monthly and annual premiums, will depend on a number of different factors requiring long, serious consideration before you sign anything. In order to help you through that process, outlined below are tips on saving money when it comes to deciding upon a homeowners insurance policy.
Money Saving Tips
- Shop Around – It pays to look at several different offers and is especially easy with the Internet. Don’t forget to ask family and friends for their recommendations.
- Know Your Credit Score – Your credit history will often affect your insurance rate, with good credit ratings leading to lower premiums and better plans.
- Install Home Security Equipment – Dead bolts, smoke detectors, and burglar alarms are considered good criminal deterrents and can lead to a discount on your policy.
- Combine Policies – Purchasing auto, home, health care, and other plans from the same company can save you a good deal of money.
- Check Your Deductible – Higher deductibles often lead to reduced overall premiums.
- Thoroughly Review Your Policy – Don’t pay for coverage that you don’t need.