Everything You Need To Know About Home Owner"s Insurance 3

Everything You Need To Know About Home Owner"s Insurance


Obviously, first-time homebuyers are also first-time homeowner insurance buyers. This is why you need the information, more than most, if you"re not privy to how insurance companies operate. This article will shine a light on the many ways that you can find a great policy for an affordable price and keep your home protected.

Have your financial house in order before you try and enter into a real estate transaction. Check your credit report and credit score from the three major credit bureaus. If there are any inaccuracies, you will want to have those fixed. Unexpected hiccups in your financing can derail a purchase you are about to make.

If you have any spare money in a savings account, use it to pay off your mortgage. When you own your home outright your annual home insurance premiums can drop dramatically as insurance companies tend to assume that home-owner"s are more likely to take care of and secure their property.

If your dog is a pit bull, Doberman, German Shepherd, Akita or another breed with a reputation for aggression, make sure that you ask how your pet will affect your home owner"s insurance premiums. Some companies will charge you more for insurance if you have breeds that are considered to be a higher risk for liabilities.

To keep your coverage up to date, be sure to review your homeowner"s policy every year. Let your insurer know of changes in your home and property that may help keep your premiums down. For instance, if you have replaced a shake roof with something more fireproof, like composite shingles, you may get a premium reduction.

Homeowner"s insurance is not only required by most lenders on a home that they are financing, it is a necessity in case you find yourself in the unfortunate position of needing to file a claim. You are sure to benefit from having the insurance if a disaster should strike your home.

Stay away from pools and trampolines. While your kids may love to jump on the trampoline or swim in the pool, these little extras are insurance nightmares. Insurance companies will up to double the rates of a homeowner who installs either of these items. Stay away from extras with the potential to harm!

When you move homes, be sure that your belongings are insured for the move. This may mean buying insurance from the moving company. Your homeowner"s insurance policy may also cover items that are damaged, lost, or stolen in transit. Check with your insurance agent about a "special perils endorsement", which will protect valuables during a move.

Keeping the annual insurance premiums low is a concern for many homeowners. One way to do so is to choose a policy with a higher deductible. The bigger the deductible, the smaller the premiums will be. Just be sure you have enough cash on hand to take care of smaller repairs that you"ll now have to pay for.

Every homeowner out there should understand that it"s very important that they have some type of insurance policy covering their home. Homes are simply too large of an investment to remain unprotected. If you can put these tips into action, you can find a great deal on a solid home policy.