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7 Tips To Get The Most Out Of Home Insurance

7 Tips To Buying And Getting The Most Out Of Homeowner Insurance


Contrary to what a lot of people think about home insurance being a necessary evil, there comes a time when you will be grateful to have one.

Your home is regarded as your most valuable and biggest asset and that is what home insurance seeks to protect. After investing so much time, money and energy in getting a home and keeping a home, it is only logical that it should be protected from whatever factor that can cause it harm.

Because we understand that many people know little or nothing about insurance especially home insurance, we bring you 7 tips you would need when buying home insurance, getting the best value for your money so that when the time comes to put it to use, you will be ready.


Tip 1: Ensure that you know the precise value of your home and the amount of home insurance you need.

It is very important to determine from the onset the amount of insurance you will need. To do this, engage the services of a home builder or an assessment company to give you the true value of your home. They will do this by assessing your home and if there is any damages and replacement cost.

As said earlier, your home is your biggest asset and as such there should be no guess works in ascertaining its value neither should you use the opinion of your insurance agent alone. Get the best value.


Tip 2: Be armed with the knowledge that the risk factors determine the premium.

It is important that you understand that you premium depends on the risk that is taken by the insurance company. What this means is that when there is a higher probability of that risk happening when you will be paid damage by them, then the premium will be higher.

Therefore, every risk factor within and around your home will be taken into consideration before factoring your premium.


Tip 3: Understand and take advantage of the things that can help save money on your premium.

Just as some risk factors increase your home insurance premium, some factors can also save you money. These include things that ensure the safety of your home and make it less prone to risks and having a good credit.


Tip 4: Make a list of what you own and the value in dollars.

Because home insurance covers both the home and the possessions therein, it is important that you take inventory of what you own and the value based on receipts and purchases. If possible, take pictures of the listed items and thereafter ensure that you store the receipt of every new item you buy.


Tip 5: Keep the list safe.

It is not enough to just make the list but to keep it safe such that when it is needed, you can always ensure it is available. Use a fireproof safe or a safety deposit box in the bank.


Tip 6: Understand your coverage.

It is important that you take the time to understand the exact things that you are covered for. You can engage the services of a real estate lawyer or accountant to look over your coverage and explain it better to you.

This ensures that when the time comes to file a claim, you are better prepared and helps you decide if you want extra insurance for other things not covered.


Tip 7: Be clear on the steps to follow when filing a claim.

Ensure that you get the precise instructions on how to file a claim so that when the need arises, you are not lost as to how to go about it; also, get the exact numbers to calls and who to talk to.

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