As part of a consumer's annual financial review, current insurance coverage should be part of the process. Do you have sufficient life insurance to cover your loved ones and is it enough to cover the mortgage? Are your personal belongings properly covered and is there enough liability coverage on your automobiles?
It might sound a tad dull but one thing you should do is review a homeowners' insurance policy to find ways to save on your premiums. Regardless whether this is your first or last home, reviewing insurance policies regularly is a must. What are some common ways to save on homeowners insurance yet make sure you're properly covered?
There are several minor things that you can do to save you lots of money and you may even have some of these improvements in your house right now yet your insurance agent may not be aware you have them.
The first and most obvious discount is issued if you have a security service from an established security firm. Such a service can result in 10 percent or more in premium savings. You can also install smoke detectors throughout the house and if your smoke detector is also a carbon monoxide detector you're eligible for still another discount.
Homes with fire sprinkler systems get a hefty discount as does strategically placed fire extinguishers. If all your exterior doors have deadbolts, that might qualify you for a discount. Other items such as handrails alongside stairways can lower a premium. And if you have a swimming pool, while that alone will increase your premium, if you install a fence with a security system around the pool you can greatly reduce the insurance cost for having a pool.
Your agent will have these and other ideas to help you manage your insurance costs. If you haven't given your home a once-over with insurance premiums in mind lately, it's a good time to start.
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