How to Save on Your Homeowners Insurance Policy

By HomeOwner.Net Editor on August 13th, 2008

Despite the current economy, home values have increased over the past 5-15 years.

Have you checked if your current insurance coverage would be adequate to replace your homes? A policy should allow you to completely rebuild your home should a disaster occur. There is little more important than getting your policy updated to match your current property values. If there is a wide gap, it could mean an economic disaster.

Check:

Determine the limits you want on your homeowners insurance, what you need to insure, get multiple quotes.
Consider purchasing your homeowner, auto and umbrella insurance with the same company so a multi-coverage discount will apply.
Having smoke, burglar alarms and a sprinkler system could mean bigger discounts.
Get a quote for insurance that would pay to replace your belongings, rather than pay you based on their depreciated value.
Ask your agent what documentation you need to substantiate a claim, in case of theft or fire. Make sure you videotape or digitally record all of you personal properties including what is in the drawers and cabinets and send the tape, CD or DVD to someone you trust for safekeeping.
Carry enough liability coverage to protect you against a lawsuit if someone gets slips, trips or gets hurt on your property.
Read the policy when you receive it.
Ask your agent to carefully explain anything you don’t understand.

Never buy insurance from a company you don’t recognize.

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