If you have concerns that you are overpaying for homeowners insurance, it's time to shop around. You won't know what your options are unless you take the time to get a couple of quotes, and most quotes are easy to acquire online or via telephone.
There are many things that will help you get the best price for your policy, including the following:
- Documented on-time payment history with your current policy provider
- Minimal claim history
- Proof of upkeep and maintenance of the property over time
Switching companies may also get you a new member discount. Here are things to consider when updating your policy and finding a new provider for coverage.
Not All Water Damage Is Covered
In a standard homeowners insurance policy, not all types of water damage are covered. Causes of damage that are often neglected include flooding caused by:
- Nearby lake or river overflow
- Sewage or plumbing backups
- Heavy rainfalls
- Natural disaster
Leaking pipes or slow-developing water damage from the roof or other areas of the home may not be covered. Check to see if your home has been rezoned since you last got an insurance policy. Even if it is not rezoned as a high-risk flood area, you still want the extra coverage in case any of these things happen.
Evaluate Your Assets Inside the Home
The cost of electrical devices inside the home has changed in the last couple of decades. When it comes to getting coverage for belongings inside the home, be sure to include:
- Home automation systems
- Cameras and recording systems
- Cell phones
- Gaming consoles
- Recent jewelry purchases
These are some of the things that you may not think to add to your policy and belongings value, and then won't get a refund for replacement if something happens to your home.
General Wear and Tear
The house materials will break down and deteriorate over time, and the construction of the home can become compromised as the ground settles. This can cause problems from foundation cracks to roofing concerns. Look for coverage options to add for general house wear and tear. A few extra dollars a month could save you tens of thousands on renovations over time.
When you are shopping for a new insurance provider for home coverage, this is a great time to go through the details of what coverage you really need. Talk with a couple of different insurance providers to get the best rates and the best coverage for your home. For more information, contact a company like Ronald H. Krupa Insurance Agency.