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Home Insurance: Is It Worth It?

If you own a home, then likely you have homeowners insurance on your biggest and most expensive asset. True, if you own your home outright, then there is no law requiring you to have homeowners insurance. Only mortgage companies will insist on insurance if they have a lien on your home. Is it wise to go without insurance? Should you? Keep reading and we shall look at the value of having or getting rid of your homeowners insurance.

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Homeowners’ insurance rates are spiking especially for homeowners in areas where hurricane damage has been high, such as Florida. Some homeowners are finding their rates have doubled or tripled in just one year while others are learning that their policy has been cancelled by the insurance company meaning they must shop for new insurance.

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The temptation to drop insurance altogether is a big one, but a dangerous choice to make unless you have a bundle of money to absorb the loss.Home insurance makes sense for the following reason:–If there is a catastrophic loss, then your home can be completely replaced. Just make certain that your policy has been updated to reflect the current replacement cost of your home. If you live in earthquake or a flood prone area, you will need to purchase separate insurance to cover these disasters.

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You can save money on your policy via:–Comparison shopping. All insurers are different and rates can vary by as much a 10 to 20 percent. Shop around and don’t just go with the best rate. Companies that pay a fast claim are worth more than a slower payer any day, even if there rates are high.You are your home’s best advocate because:–You know your home. You are in the best position to determine loss, therefore you must be aware of what is allowed or not allowed before filing for a claim.

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A tree that falls on your home means that you are covered, while floods and earthquakes are only covered through the writing of a separate policy. Yes, insurance on your home can certainly seem expensive and almost worth dropping until you need to use it. Your insurance company isn’t always your best friend, but they can be your only friend when disaster hits and able to help restore you financially if you selected the policy with the best coverage.

Home Insurance Rates - They Are Not Getting Any Cheaper

Home Insurance 60 Days Unoccupied

If you are selling your home, hopefully you have considered hiring a real estate agent to help you with all the fine details. If not – get to work! The process of choosing the right real estate agent can be just as difficult as it is important. Below are guidelines to follow when you start your search for the right real estate agent for you. Look at insurance companies that specialize in real estate. Usually these companies will be able to provide you with a list of their own real estate agents who are trained to the company’s specifications. Perhaps your current homeowner’s insurance company provides tools you need to sell your home; they may even have their own real estate agents from which you can choose. If not, they may be able to point you in the direction of a reputable insurance company or real estate agency that does. Make sure the real estate agent you choose is trained or accredited. Most real estate agencies, or insurance companies that supply real estate agents, have specially trained their real estate agents, or have hired real estate agents who are in some way accredited. Look for special training or accreditation when choosing your real estate agent. “Interview” the real estate agent. During the selling process, the real estate agent you eventually choose is going to handle a lot of things for you – many of which are better left handled by the real estate agent. However, there are certain factors you may want to know about, such as how the real estate agent plans to list your home and how the real estate agent plans to “show” your home. Make sure the real estate agent provides you with all the information you want to know. In the end, choose a real estate agent you with whom you feel comfortable, whether the real estate agent is from an insurance company or real estate agency.

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Here are some factors to consider when purchasing home insurance. All of these factors can and will have an influence on the price you pay for home insurance. The Condition of the Home Insurers factor in general wear and tear on your home when setting a premium. They will inspect such things as the condition of the roof, porches, decks, and the integrity of the home's wiring system. Because new homes tend to be in better condition than older homes, some insurers will offer up to a 15 percent discount if your home is new. The Construction of the Home Certain types of homes are less expensive to insure because they are more resistant to damage. For example, a brick home is preferable because of its resistance to wind damage. Safety Factors Many insurers also offer discounts of approximately 5 percent for safety features such as burglar alarm systems, deadbolts, window locks, smoke detectors, and sprinkler systems. You may also receive a discount if your home is in close proximity to a fire department. If There is a Smoker in the Home Because smoking in the home greatly increases the risk of fire, some insurers will offer a discount of about 2-5 percent if no one in the home smoke. Is the Home in a High Risk Area Flood and earthquake damage is not covered by standard home insurance policies. Special supplemental catastrophic policies that cover these conditions are available, but can be quite costly. If you are currently covered against these catastrophes through a government plan, however, research coverage through a private insurer. It may actually be lower. Type and Amount of Home Insurance Coverage Needed Homeowner's insurance typically covers damage or loss to your home and its contents, but some packages also provide other benefits such as personal liability coverage if someone is injured on your property or theft insurance. Read the fine print. Prices and coverage can vary significantly between packages that appear similar. Make sure you get what you need and use what you get. Your Desired Deductible The deductible is the amount that you the policyholder must pay before your insurance company starts paying benefits. The higher your deductible, the lower your home insurance premiums. By raising the deductible, you can save up to 50 percent of the cost of your homeowner's insurance. Loyalty to Your Company Insurers will often reduce their rates if you buy more than one type of coverage such as auto and homeowner's from them or if you stay with them over a period of time. Is There a Retiree Living in the Home? If you are over the age of 55 and retired, check with your insurer to see if you qualify for a discount. Most insurance companies offer these discounts because retired people are home more and can spot fires sooner than working people and have more time for maintaining their homes. Some insurance companies will offer discounts of up to 10 percent to seniors who qualify. Group Discounts As with other types of insurance coverage, you can often obtain better home insurance rates if you get coverage through a group plan. Check with your employer, alumni association, or other affiliations to find out if they offer group coverage. ZZZZZZ

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