Homeowners insurance

Saving money does not have to mean that you sacrifice on the quality of your coverage. If you take the correct steps, you don’t have to go with a substandard or less safe insurance company in order to get the lower rates you need.

Tip 1 – Review the Policy prior to the renewal date

Don’t get caught unprepared by waiting until the last minute to look closely at the terms and coverages on your present policy. Sixty to ninety days ahead of your policy expiration, pull out your paperwork and make sure the policy still meets the needs you had when you originally took it out. Many home insurance policies have automatic coverage increases to accommodate rising real estate values. However, many properties have actually lost value over the last few years. Make sure your coverage doesn’t exceed the cost of replacing your home. Check any extra riders you may have on your policy to cover items you may no longer own. If you no longer have the jewelry, guns, furs or other miscellaneous valuables, you obviously no longer need to have these items covered by your policy. Many people forget they ever had these items included in the policy.

Tip 2 – Make sure any improvements in security and conditions have been accounted for

Have any new fire stations or fire plugs been added to your area which decreased the risks of a complete fire loss? Have you added a security system or deadbolt locks? Have you added motion sensitive lighting? Have you upgraded the plumbing or the electrical systems? All of these may not be accounted for in your present policy and may possibly lower the cost of coverage.

Tip 3 – Make sure you are taking advantage of potential discounts available

Most insurance companies have some sort of senior citizens discount available. Be sure you are taking advantage of it if you qualify. In addition, you may be able to combine your auto and home policies to obtain a discount.

Tip 4 – Review your need for your present deductible

Have your financial conditions, or your risk tolerance, changed so that you can now afford to carry a policy with a higher deductible. Has your household income increased? Have children moved out of the home and your expenses decreased? Lowering your deductible is a sure way to decrease your insurance bill.

Tip 5 – Always shop your policy around

Once you have reviewed your current home insurance needs, be sure to check with other insurance companies and insurance brokers to get quotes for the coverage you need. Competition is fierce among companies these days and you can usually save substantially by shopping around. Even if you do not end up changing companies, a quote from a competitor may help in negotiations with your current company.

In today’s tough economic climate, saving money is more important than ever. Don’t sit on your hands and let your insurance company get more of your money than it deserves.

A very common mistake that a lot of people make is to over insure their home. If you pay $250,000 for your house you do not need to have $250,000 worth of homeowners insurance. You need to have enough coverage to repair or rebuild your home if it was damaged or destroyed. A large portion of the purchase price of a house goes to the land that the house sits on. If your home was destroyed you would need enough coverage to rebuild the home but the dirt that your home sits on would not need to be replaced.

Another common mistake that inflates peoples home insurance rate is having deductibles that are too low. Raising your deductible from $250 to $500 could reduce your premium payments by as much as 25%

A big mistake that a huge percentage of people make is not reviewing their policy at least once per year. As home prices rise and fall the amount of coverage you need will change. If you make improvements to your house that increase its value you may want to actually increase the amount of coverage you have. In the current economy home values are falling and you may be carrying too much insurance.

One of the biggest mistakes that a lot of homebuyers make is to simply go with whichever insurance company their real estate agent recommends or whichever one has a nice looking ad in the phone book. If you were looking to buy a new computer or an expensive camera you would no doubt do some comparison shopping to try to find a quality item at the best price. Shopping for homeowners insurance is no different. You can go online, enter some information about your home and answer some questions, and in just a few minutes you will have multiple quotes from a number of different insurance companies allowing you to quickly and easily find a company that offers the coverage you need at the most affordable price.

Most people will have made one or more of these mistakes but the good news is that correcting these mistakes is usually very easy. If you review your policy once per year, make sure you are not over insuring your house, raise your deductibles, and shop around for a good home insurance rate you will be able to save a lot of money.

To get free homeowners insurance quotes from highly rated companies or to get a list of top insurance providers in your area visit http://get-homeowners-insurance-quotes.com

With the inherent risks of owning a holiday home in the UK or abroad being substantially greater than that of your main residence, there is a real need for holiday homes insurance policy written in plain English which pays particular attention to the special requirements for second homes and which also provides a wide band of cover.

Not every property has a swimming pool. Certain features are considered to be of vital importance, and therefore overseas home insurance cover for loss of use, legal liability for domestic staff, public liability and accidental damage to domestic supplies should be included as standard. Your holiday property insurance should also ensure that all local taxes on overseas properties are included within the premium. Buildings and Contents cover should be flexible so that owners do not end up paying for cover that they do not need.

The true value of any insurance is however only fully appreciated when a claim is made. Holiday home owners who own a property overseas and have overseas holiday home insurance should be spared the difficulties of discussing their claim with a foreign agent via a continental telephone call, and should be able to speak directly to experienced English staff that will provide assistance and be fully responsible for liaising with the overseas loss adjusters.

You might think that the best thing to go for is cheap holiday home insurance, but you really need to ask yourself whether you are really that well covered with the cheapest policy? Although low premium rates are often of importance, the overseas house insurance cover should be simple to understand, offer a high level of security and in the event of a claim a satisfactory result.

Using an insurance agent who does not specialize in, or fully understand the requirements of your holiday home or let property, you may find that you do not have adequate cover to fully protect your holiday home. It is essential that you get the correct property insurance to suit the specialized requirements needed for your holiday home. You must get specialist overseas holiday property insurance. And you must get insurance for buildings and contents designed exclusively for properties used as holiday homes or let for holiday use.

What restrictions are in place when letting and un-occupancy etc? Do you have cover for legal liability for domestic employees? And most important of all what do you do in the event of a claim? As an owner of a holiday home abroad, it is vital that you fully understand the extent and limitations of your insurance policy.

If your holiday home insurance policy has been placed through an insurance agent in the following countries: UK, Spain, France, Portugal, Italy, Cyprus Greece, Ireland, Malta, Monaco or Andorra , it is more likely that they have not informed you and that you simply do not know.

David Ball has many years experience advising people on comprehensive holiday home insurance and home insurance spain.