| Home Insurance For many
of us our home is our most valuable possession. The time to think about
the unthinkable disaster is before it happens to you. If your home were
damaged or destroyed, insurance can help you repair or rebuild your home
and replace damaged possessions.
The main purpose of insurance is to protect you against losses you
cannot afford. Few people have the financial resources to rebuild their
homes. In addition to protecting your home and possessions, homeowners
insurance also provides liability coverage to protect you from financial
ruin if someone is injured on your property and sues for damages.
A homeowners insurance policy consists of coverage for your dwelling and
your personal property. It also includes liability insurance which pays
for injuries to other people or damages to their property accidentally
caused by you, your family or your pets. You also can buy several types
of additional insurance for property that is not listed in your
homeowners policy or for perils not covered — such as flood — for which
you need a separate policy. You do this by either buying a separate
policy or by adding an endorsement or rider to your policy.
Lower Your Premium
Here are some simple steps you can take to reduce your homeowner’s
premiums.
- Raise Your Deductible - A deductible is the amount you pay
before the insurance starts to pay for your loss. Since the purpose
of insurance is to pay for the losses you cannot afford, raise your
deductible to a limit that you could handle in case of a loss.
- New Home - If your home is less than 10 years old, you may be
eligible for a new home discount. The newer the home, the bigger the
discount
- Fire and burglar discounts - You may be eligible for a discount
if you have installed Double Cylinder Deadlocks (DCDs), a burglar or
fire alarm system. Monitored systems will earn an even larger
discount.
- Construction Material – If you own a home that is constructed
out of fire-resistant materials such as brick or masonry, you will
pay a lower premium than one which is frame construction. If you
have fire hydrants, you will have a bigger discount applied that
those who do not.
- Non-Smoker/Non Drinker Discounts - Are available from many of our
companies.
- Multi-Policy discounts - Place your home and auto insurance with
the same insurance company and enjoy a combined savings of up to
29%.
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