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Insuring Your Home

Insurance for our homes is not something we generally review when the new policy arrives. We simply accept the annual increase and file the new policy away. Do you know whether your coverage has decreased while your premium has increased? It is a frightening thought to realize that what you initially knew your coverage to be, may have actually been changed, perhaps losing some of the original perks that lowered your rate.

It is always a good idea to open the new policy and read the amendments. That could very well set you out on the course of getting new insurance quotes. That too is a daunting task, with so many different allowances, coverage variations and seemingly suspicious companies, not to mention, the amount of companies that may decline your request.

One good way to lower your rising premium is to take a look at your deductible. It may be that your financial position has become more stable, and raising your deductible will lower your policy premium. In other cases, it may be essential in order to afford any type of insurance.

In reviewing the replacement cost of your home if it should be totally destroyed and need to be rebuilt, do not include coverage on the dirt beneath and around your house. The land your house sits on is not going anywhere, therefore, you do not need to include it as part of the whole coverage. Land is not insurable.

Review the items you have insured, perhaps you no longer need to carry specific coverage on items because they are either no longer as valuable, or you simply do not have the items any longer. Usually there is enough personal property coverage to cover the cost of these items. If possible, insure your autos, boats and other items with the same company you have your home insured with. This allows for additional reductions in your premium.

Another way to lower your premium is to speak with your agent and find out what improvements you can make to your home that will reduce the premium. Sometimes just adding storm shudders can save you money over time. Also, individual states may have law that govern coverage and upgrades that are allowed to lower premium rates.

However, before setting out on investigating a new company, know whether you are receiving a discounted rate for being a long time customer of the company you currently have. If you are receiving discounts, it is unlikely you will find a comparable policy elsewhere.

After you have emquipped yourself with information about your current policy, and you have decided to go ahead and shop around, check the financial stability of companies you are considering, before acquiring a quote. Investigate their level of customer service, you need to know how responsive they are before you have a need to depend on them.

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