Insurance Tips

If you think your homeowners insurance policy covers all your valuables, you’re mistaken. Most policies exclude coverage for certain items or limit it. These limits are put in place to keep homeowners policies affordable.

These limits or exclusions typically apply to high end items that are stolen or damaged, such as jewelry, watches, art, purses, etc. For instance, most policies have a coverage amount of $1,000 or $1,500 for stolen jewelry. Therefore, if you have a piece of jewelry worth $2,000 stolen and your policy limit is $1,000, you’ll only receive that amount from your insurer to replace it.

Luckily for you, there’s an add-on that increases your coverage for valuable items. If you’re unsure if you need extra coverage for your valuables, here’s some tips to make an informed decision.

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Do you own a property? If yes, then you must know that homeowners insurance is one expense you can’t avoid. The two important factors that decide the cost of home insurance rates are your home’s age and its location. However, the average insurance premium for homes is $1,192.

It may seem like a big expense, but keep in mind that you get the amount reimbursed if your property suffers any damages. That means having homeowners insurance is one way to protect your most valuable investment. Moreover, lenders or mortgage companies also require homeowners to buy homeowner insurance.

Regardless of the type of homeowners insurance you opt for, you need to ensure that you get the best policy for an affordable price. Here are a few tips to decrease your homeowners insurance rate.

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When was the last time you reviewed your homeowner’s insurance policy?

If you haven’t for quite a while, now would be a good time to do it and find out whether your house has decreased or increased in value. In fact, it is one way to prepare you for the due property taxes.

Although you may have kept the coverage in place, it may increase your homeowner’s costs if you have made any purchases or upgrades such as trampoline or an aboveground pool.

Of course, the purchases seem like good additions and make your home more relaxing and livable; however, they often lead to higher homeowner’s insurance cost. This is perhaps the reason why experts emphasize on considering your insurance policy before adding these fun elements to your home.

If you’re interested in learning more about how home improvements may increase your homeowner’s insurance costs, keep on reading.

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