Below are some simple money saving tips to consider when it comes to homeowners insurance. Because who doesn't like to save money?
New roof? Consider having a wind mitigation inspection completed on your home by a qualified professional. Wind Mitigation credits have saved our customers hundreds of dollars on their premium. The Wind Mitigation Inspection will consist of checking the building features of your home such as the roof to wall connection, secondary water resistance features, the roof geometry and whether you have bracing of gable end, protection of openings, doors, and roof covering and so on. A wind mitigation inspection generally costs about $60 to $85 to complete. Feel free to give us a call to discuss wind mitigation credits in more detail.
Your loss has to exceed this amount before your insurance company will pay a claim. Slightly raising your deductible can significantly reduce your insurance costs. We can provide you with a few different option of deductibles to custom fit your needs.
Do you have an alarm system that is centrally monitored by an alarm company, you're in luck. Having a monitored alarm system can save you quite a bit on your premiums. You need to provide a “Certificate of Monitoring” with a date stamp showing you have current monitoring to your agent. Many alarm companies are accustomed to providing these certificates to you.
When you experience a loss your insurance company will use one of two methods in compensation. In a nutshell, actual cash value will compensate you for the loss at today’s market value and replacement cost will compensate you for cost of replacing the item. Replacement cost does cost more than actual cash value and one size does not fit all, consult with your agent for more details.
One of the most important tasks an insurance agent will do is accurately identifying the replacement cost estimation of rebuilding your home. They will accomplish this with public records, estimation software and the updated information you give them about your home. An inaccurate replacement cost estimate could potentially over or under insure your home. Side Note: There is a large misconception on replacement cost of your home and the value of your home. The replacement cost of your home is the amount of money it will take to completely rebuild the home to today’s standards not the amount you might sell the home for.