Whether you are buying home insurance for the first time, or you want to renew your current home insurance policy, there are some things that determine if you are going to get a good deal or not. Looking for home insurance should be as strict and through as looking for a life insurance. I have seen a lot of cases where people bought home insurance only to find that it doesn’t include what they are looking for. In most of the cases, normal home insurance packages are only basic, and if you want to protect your valuables, you have to pay extra. To help you make an informed purchase, I am going to highlight four things you must know before you buy home insurance so that you don’t regret anything later on.
Compare Different Packages
The very first thing you should be doing is not to make a hasty decision at all. It is always better to search and wait for the right package instead of opting for an insurance policy and finding out that it doesn’t cover everything you need. Every home owner has different demands, and if you want to include anything extra in your package, you have to make sure that it is included. Moreover, comparing different policies also makes sure that you don’t pay anything extra for home insurance. In the end, it is all about getting the best value for your money, and research will help you do that.
Improve the Security of Your House
Most people don’t know this, but if you make your house more secure, you can get better terms on your home insurance. Insurers take different factors into account, and one of those factors is how secure your home is. If you have fool proofed your home by installing smoke detectors alarms or burglar alarms, it will help you earn a lot of discounts. You can also get recommendations from your insurers about how you can get discounts on the premiums.
Raise the Deductible
The deductible is the amount of money you pay to your insurer upfront before you decide on the monthly payments. The higher the deductible, the more money you pay upfront, which means that you have to pay less on your premium. I know that it might sound a bit counteractive, but if you pay most of your insurance in the deductible, you will get a better deal on your policy.
Protect Valuable Items
Most people think that if they get home insurance, everything in their home will be automatically secured. If you own valuable items such as jewelry, antiques, collections, or paintings, these may not be usually covered in your insurance. So, if you want to protect valuable items like these, you might have to ask for it separately and get it included in your premium.
Loss Due to the Negligence of Tenants
If you have given your house to a tenant, there is a different type of insurance that you can get for the house and its contents. Before you decide on an insurer, you must ask him whether the policy covers damages caused by the negligence of others. In a case where the tenant inflicts any damage to the landlord’s property, he will be liable for all of it. However, you have to mention it in the tenancy agreement and make sure that the tenant signs on it. Moreover, if you share a room with someone, you can even get insurance for your separate contents in case they get stolen, or they get damaged due to someone else’s negligence.