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August 2015 - Hammer Home News
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Dear Friends
This month I was kindly provided a great helpful lists of tips from one of my well known and dearly respected Lawyers, Richard Minard, who thought it would be great to share this with you all, now we are not clear who wrote the tips below but they were well worth noting and sharing LOL. I found tip #3 the most interesting and I am looking into it for my own insurance coverage!
Hope you are all having a wonderful summer, it has been wonderful bumping into many of you and I can’t thank you enough for so many of your referrals folks, it really means a lot to the entire team here!!!!
I look forward to seeing many of you this Fall, stay tuned for details ;)
Sincerely
Rachel
To help keep your home insurance premiums down here are some tips:
- Only insure belongings you own. Most home insurance policies include $6,000 of coverage for fur coats and $5,000 for gold bullion. If you don’t own either, why pay to insure them? Find a provider that lets you personalize your policy to your needs and pocket the savings.
- Don’t over insure your house. If you own a house, you should only insure it for the amount it would cost to rebuild, not what you paid for it. When you bought your house, you paid the market price for the house and the land. Home insurance only covers the house.
- Increase your policy deductible. The standard policy deductible on most home insurance policies is $500. This amount made sense 20 years ago, but it is quite low by today’s standards. Increasing your deductible to $1,000 or $2,500 is one of the easiest ways to save money.
- Don’t file claims for small losses. You have the right to file a claim no matter its size, but keep in mind your policy includes a claims free discount that can total 20% or more. So, do the math before submitting your claim. You might be better paying a small loss out of your own pocket.
- Find an interest free monthly payment plan. Most providers offer monthly payment plans, but beware because not all plans are created equal. Many plans charge interest rates that are higher than what you would pay on your credit card. So, look for plans that are interest free.
- Shop around for the best coverage and rate. Just because you’ve been with your current provider for many years, or you buy both your home and auto insurance from them, doesn’t mean you’re getting the best deal. Get comparison quotes online and you’ll likely do better.
- Recommend your friends. If you’re happy with your provider, ask if they have a referral program. Some companies offer account credits for each person you refer who buys a policy. Not only will you save money, but you’re helping your friends save money, too.
- Install a backwater valve. These devices prevent water backing up into your home from the city sewer system. The device costs about $100 and installation costs about $1,000. Many cities offer rebates, and some insurance providers offer discounts for installing these devices.
- Replace plastic and rubber plumbing hoses with braided steel ones. Plastic and rubber hoses connected to fridges, dishwashers, washing machines and toilets are prone to cracking and leaking over time. Replacing these hoses with braided steel ones to reduce the chance of a loss, which helps keep your premiums low.
- Install a monitored burglar alarm. All insurance providers offer discounts if you have a burglar alarm installed, activated and monitored. So, consider installing one. Not only will you save money on your home insurance, you’ll also have some extra peace of mind.
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